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US HB5683
Bill
Status
10/3/2025
Primary Sponsor
Stephen Lynch
Click for details
AI Summary
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Establishes an Interagency Task Force on Financial Fraud within 90 days of enactment, led by the Secretary of Defense in consultation with the Secretary of Veterans Affairs, to protect service members, veterans, and military families from financial fraud
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Task Force membership includes representatives from DOD, VA, FTC, CFPB, DOJ, FCC, Postal Inspection Service, and three non-governmental organizations with expertise in combating military-targeted financial fraud
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Financial fraud targeting military consumers resulted in estimated losses of $477 million in 2023 and $584 million in 2024, with the FTC receiving nearly 80,000 fraud complaints from veterans and military retirees in 2024 alone
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Task Force duties include reviewing fraud methods such as imposter scams, investment fraud, pension poaching, predatory lending, and veteran charity schemes, as well as evaluating risks from emerging financial technologies like buy-now-pay-later services
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Requires the Task Force to meet at least three times annually and submit reports to Congress within 180 days of enactment and annually thereafter with findings and recommendations to enhance federal anti-fraud efforts
Legislative Description
Military Consumer Protection Task Force Act of 2025
Armed forces and national security
Last Action
Referred to the Committee on Armed Services, and in addition to the Committee on Veterans' Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
10/3/2025