Bipartisan House bill would create task force to combat fraud

Reps. Zach Nunn, R-Iowa and Jim Himes, D-Ct., introduced a House version of the bipartisan Task Force for Recognizing and Averting Payment Scams (TRAPS) Act Tuesday. The bill would establish a Treasury task force to examine current trends and developments in payment scams. Sens. Mike Crapo, R-Idaho, and Mark Warner, D-Va. introduced a bipartisan companion in the Senate in June.

A credit union representative would be included in the task force, along with representatives from the NCUA, CFPB, Federal Trade Commission, Department of Justice, Office of the Comptroller of the Currency, Board of Governors of the Federal Reserve, Federal Deposit Insurance Corporation, and Financial Crimes Enforcement Network. America’s Credit Unions and leagues engaged with bill sponsors to ensure the task force accounts for credit unions’ perspective.

"Despite Americans' vigilance and credit unions' efforts to keep members informed of threats and protect accounts, fraudsters remain relentless in scamming people out of their hard-earned money,” said America’s Credit Unions Chief Advocacy Officer Carrie Hunt. “That's why America's Credit Unions supports the TRAPS Act, which would create an inter-agency taskforce to identify effective payment scam prevention measures. We're grateful for Representative Nunn's leadership to introduce this legislation in the House and we urge Congress to swiftly take it up to help keep consumers' money safe."  

“We greatly appreciate Representative Nunn’s leadership in introducing the TRAPS Act and his commitment to protecting Iowans from financial scams. Credit unions in Iowa and across the country are on the front lines of detecting and preventing financial fraud. This bill recognizes the need for stronger coordination and proactive solutions to combat evolving threats and keep our members safe,” said Iowa Credit Union League President/CEO Murray Williams.