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| Proposed Legislation to combat fraud reviewed by Emerging Issues Committee |
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Bills that have been proposed to combat financial fraud were the focus of America’s Credit Unions’ Emerging Issues Committee meeting Wednesday.
Four pieces of legislation were discussed, including:
• The Safeguarding Consumers from Advertising Misconduct (SCAM) Act;
• The Safeguarding Transactions from Outpace Predatory (STOP) Senior Fraud Act;
• The Strengthening Transaction Oversight and Preventing (STOP) Payments Fraud Act; and
• The Stopping Fraudulent Payments Act.
The group discussed additional approaches for preventing or mitigating fraud and what Congress should prioritize when considering meaningful solutions. Of note, the group also covered the House Financial Services Committee's report outlining their policy framework for combatting fraud which includes mentions of America's Credit Unions representative Kate McKune's testimony from earlier this year. Fraud continues to be a top concern for credit unions, and America’s Credit Unions continues to raise awareness and advocate for positive changes on both the legislative and regulatory fronts.
Relatedly, to protect consumers against fraud, America's Credit Unions, AACUL, and credit unions are raising awareness of check fraud through the month of August.
During the meeting, members also heard an update on the CLARITY Act’s status in Congress, which faces an uncertain path to a full Senate vote.
The group went on to discuss the CFPB’s planned revision of its personal financial data rights rule, with a notice of proposed rulemaking expected soon based on the Bureau's 2026 regulatory agenda.
The next meeting for the Emerging Issues Committee is Sept. 23.
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