Bank Fraud Technology Advancement Act of 2026
Latest action (13 May 2026): Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 1.
What this bill does
H.R. 8671, the Bank Fraud Technology Advancement Act of 2026, would direct federal banking agencies—including the Federal Deposit Insurance Corporation, Federal Reserve, Office of the Comptroller of the Currency, and National Credit Union Administration—to jointly study how banks and credit unions use advanced technologies such as artificial intelligence, machine learning, and blockchain tracing tools to detect and prevent fraud. The agencies would consult with the Treasury Department, FinCEN, the FTC, the CFPB, the FCC, and law enforcement. The study must examine current technology use, barriers facing smaller institutions, AI governance, information-sharing partnerships, payment system risks, and regulatory issues, with a public report due to Congress within 18 months containing findings and recommendations.
The bill primarily affects insured banks and credit unions, particularly smaller "community financial institutions," which often face greater challenges adopting costly fraud-detection technology than larger institutions. After the report, the agencies would have the option—not a requirement—to create a voluntary three-year pilot program helping institutions with under $10 billion in assets access shared fraud-detection tools, technical support, and anonymized fraud data. A final report on the pilot's results would follow its expiration.
The bill was introduced in May 2026 and reported by the House Financial Services Committee with an amendment on June 18, 2026, by a vote of 52-1. It now awaits consideration by the full House of Representatives before potentially moving to the Senate.
Plain-English summary generated by Bill100 AI from the official record. Always verify against the source below.
Official summary
Bank Fraud Technology Advancement Act of 2026
This bill directs federal banking agencies (the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board, and the National Credit Union Administration) to jointly study and report on the use of advanced fraud detection technology by insured depository institutions and credit unions.
The study must evaluate, among other topics, the current use and effectiveness of this technology, access by community financial institutions to such technology, and the use and governance of artificial intelligence and machine learning in detecting fraud.
Federal banking agencies must report all findings, determinations, and legislative recommendations to the appropriate congressional committees and make the report publicly available.
The bill also allows federal banking agencies to jointly establish a temporary pilot program to facilitate community financial institution access to advanced fraud detection tools for small insured depository institutions and credit unions.
Timeline
13 May 2026
Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 1.
Common questions
- What does H.R. 8671 do?
- H.R. 8671, the Bank Fraud Technology Advancement Act of 2026, would direct federal banking agencies—including the Federal Deposit Insurance Corporation, Federal Reserve, Office of the Comptroller of the Currency, and National Credit Union Administration—to jointly study how banks and credit unions use advanced technologies such as artificial intelligence, machine learning, and blockchain tracing tools to detect and prevent fraud. The agencies would consult with the Treasury Department, FinCEN, the FTC, the CFPB, the FCC, and law enforcement. The study must examine current technology use, barriers facing smaller institutions, AI governance, information-sharing partnerships, payment system risks, and regulatory issues, with a public report due to Congress within 18 months containing findings and recommendations. The bill primarily affects insured banks and credit unions, particularly smaller "community financial institutions," which often face greater challenges adopting costly fraud-detection technology than larger institutions. After the report, the agencies would have the option—not a requirement—to create a voluntary three-year pilot program helping institutions with under $10 billion in assets access shared fraud-detection tools, technical support, and anonymized fraud data. A final report on the pilot's results would follow its expiration. The bill was introduced in May 2026 and reported by the House Financial Services Committee with an amendment on June 18, 2026, by a vote of 52-1. It now awaits consideration by the full House of Representatives before potentially moving to the Senate.
- Has H.R. 8671 become law?
- Not yet. As of 13 May 2026, H.R. 8671 is ordered reported.
- Who sponsored H.R. 8671?
- H.R. 8671 was sponsored by Rep. Mike Flood [R-NE1] (Republican-NE), with 1 cosponsor.
- What's the latest action on H.R. 8671?
- Ordered to be Reported (Amended) by the Yeas and Nays: 52 - 1. (13 May 2026).
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