US HB4936

Secretary of the Treasury must establish the Task Force for Recognizing and Averting Payment Scams within 90 days of enactment, chaired by the Secretary or designee

Task Force membership includes representatives from 9 federal agencies (CFPB, FCC, FTC, DOJ, OCC, Federal Reserve, NCUA, FDIC, FinCEN) plus appointed representatives from financial institutions, credit unions, digital payment networks, community banks, consumer groups, tech industry, and up to 5 victim/stakeholder representatives

Duties include evaluating best practices to combat spoofed calls, scam texts, and malicious websites; assessing international prevention approaches; developing consumer education strategies; coordinating law enforcement efforts; and identifying solutions for business email compromise scams

Task Force must meet at least 3 times in the first year and submit an initial report to Congress within 1 year, followed by annual updates, with recommendations for legislation, regulatory changes, and improved Federal-State-local-Tribal cooperation

Task Force terminates 3 years after submitting its initial report; members who are federal employees serve without additional compensation