Sponsors (2)
The bill pushes financial institutions and regulators to use and coordinate around AI to detect and prevent scams—potentially improving security and convenience for many consumers—while increasing risks from deepfakes, privacy concerns, and compliance or security costs that could fall on customers and smaller banks.
Millions of bank customers (consumers and middle‑class families) could see improved fraud detection and account security if banks responsibly deploy AI tools and follow coordinated guidance to spot anomalies earlier.
Consumers will gain clearer protections against AI‑enabled scams because federal agencies will develop best practices and regulatory recommendations within one year.
Banks and credit unions will receive standardized definitions and guidance, paired with a 90‑day public feedback window, improving coordination of defenses and increasing transparency between industry and the public.
Millions of consumers (especially middle‑class families) face increased risk of account takeover from AI‑enabled deepfakes that can mimic voices or appearances, enabling fraudsters to bypass conventional identity checks.
Banks—especially small banks and credit unions—will face higher security and compliance costs (both from needing new technology to counter deepfakes and from potential new regulations), costs that may be passed on to customers or strain smaller institutions.
Consumers face increased privacy and surveillance concerns because wider AI use in finance may require collecting and processing more personal audio/video data.
Based on analysis of 3 sections of legislative text.
Creates an interagency Task Force of federal banking and financial regulators to study how artificial intelligence (AI) — including deepfakes and voice synthesis — can enable fraud against bank customers, and to recommend definitions, best practices, and legislative or regulatory steps to protect consumers. The Task Force must solicit public feedback within 90 days of enactment and deliver a written report to Congress within one year; it automatically ends 90 days after issuing the final report.
Introduced June 18, 2025 by Jon Husted · Last progress June 18, 2025