This bill creates a federal Task Force on Artificial Intelligence in the Financial Services Sector to study how AI technologies—particularly deepfakes that can mimic voices and appearances—pose security risks to consumers and financial institutions. The task force, led by the Treasury Secretary and including representatives from major financial regulators, must deliver a comprehensive report to Congress within one year that defines AI terms, identifies fraud risks, recommends best practices for banks and credit unions to protect customers, and suggests new laws or regulations to combat AI-enabled scams. The bill acknowledges that while AI offers benefits to the financial sector, bad actors can exploit deepfake technology to breach customer accounts and commit identity theft and fraud—especially by targeting voice banking systems. The task force will consult with banks, credit unions, AI vendors, and experts during its one-year assessment period before disbanding 90 days after releasing its final report.
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