Preventing Deep Fake Scams Act
The source supplies the latest action, but no lifecycle stage.
Latest action (27 Feb 2025): Referred to the House Committee on Financial Services.
What this bill does
The bill, titled the "Preventing Deep Fake Scams Act," proposes the creation of a Task Force on Artificial Intelligence in the Financial Services Sector. This task force would be responsible for studying how artificial intelligence is used in financial services, including its benefits and the unique threats it poses to customer accounts. The bill notes that bad actors could potentially use "deep fakes," such as manipulated audio or video, to access financial accounts.
The task force would be composed of leaders from various financial regulatory bodies, including the Secretary of the Treasury, the Comptroller of the Currency, and the Chairpersons of the Federal Reserve, FDIC, CFPB, and NCUA, among others. They would consult with financial institutions, technology vendors, and AI experts to develop a report for Congress within one year of the act's enactment.
This report would detail how institutions protect against AI-driven fraud, define AI terms, identify potential risks, list best practices for financial institutions, and offer legislative and regulatory recommendations. The bill has been introduced in the House of Representatives and referred to the Committee on Financial Services. The task force would disband 90 days after submitting its final report.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Preventing Deep Fake Scams Act
This bill establishes the Task Force on Artificial Intelligence in the Financial Services Sector. Members include representatives from the Department of the Treasury, the Federal Reserve Board, the Federal Deposit Insurance Corporation, and the National Credit Union Administration. The task force must report on (1) how banks and credit unions prevent fraud that utilizes artificial intelligence, (2) best practices for financial institutions to protect their customers, and (3) related legislative and regulatory recommendations.
Timeline
27 Feb 2025
Referred to the House Committee on Financial Services.
Common questions
- What does H.R. 1734 do?
- The bill, titled the "Preventing Deep Fake Scams Act," proposes the creation of a Task Force on Artificial Intelligence in the Financial Services Sector. This task force would be responsible for studying how artificial intelligence is used in financial services, including its benefits and the unique threats it poses to customer accounts. The bill notes that bad actors could potentially use "deep fakes," such as manipulated audio or video, to access financial accounts. The task force would be composed of leaders from various financial regulatory bodies, including the Secretary of the Treasury, the Comptroller of the Currency, and the Chairpersons of the Federal Reserve, FDIC, CFPB, and NCUA, among others. They would consult with financial institutions, technology vendors, and AI experts to develop a report for Congress within one year of the act's enactment. This report would detail how institutions protect against AI-driven fraud, define AI terms, identify potential risks, list best practices for financial institutions, and offer legislative and regulatory recommendations. The bill has been introduced in the House of Representatives and referred to the Committee on Financial Services. The task force would disband 90 days after submitting its final report.
- Has H.R. 1734 become law?
- The source does not supply a confirmed lifecycle stage for H.R. 1734. Check the latest action and official source below.
- Who sponsored H.R. 1734?
- H.R. 1734 was sponsored by Rep. Pettersen, Brittany [D-CO-7] (D-CO), with 11 cosponsors.
- What's the latest action on H.R. 1734?
- Referred to the House Committee on Financial Services. (27 Feb 2025).
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