ICBA sends support for bills to be marked up today

Ahead of today’s House Financial Services Committee markup of various legislation, ICBA expressed support for four bills that address significant challenges in American financial services.

Support: In a letter to committee members, ICBA encouraged them to vote yes on:

• The AI PLAN Act (H.R. 2152), which would require the Treasury, Homeland Security, and Commerce departments to issue a report describing interagency policies, procedures, and resources for combating the use of artificial intelligence in the commission of financial crimes, including fraud.

• The GUARD Act (H.R. 2978), a bill that would permit state, local, and Tribal law enforcement agencies that receive eligible federal grant funds to use such funds for investigating elder financial fraud, pig butchering, and general financial fraud.

• The Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act (H.R. 8278), which would require the federal financial agencies to assess how their existing technologies pose challenges in conducting adequate, real-time supervisory assessments of entities over which they have supervisory authority.

• The Bank Fraud Technology Advancement Act (H.R. 8671), a bill that would require the federal banking agencies to conduct a study on the use of advanced technologies in fraud detection and prevention, with particular attention to community banks.

Resources for Community Bankers: The ICBA website features resources on fraud and scams, and the Fraud group on ICBA Community includes more than 1,400 members dedicated to discussing fraud.