WASHINGTON--In search of policy solutions to fight the increasing costs of fraud and scams, America’s Credit Unions’ Fraud Task Force met Thursday for its monthly meeting. The task force recapped Park Community Credit Union General Counsel Kate McKune’s testimony last week for a hearing on financial institutions working to prevent fraud.
McKune testified before a House Financial Services subcommittee last week on the need for an “all-of-government” approach to fighting fraud, a statement also echoed by committee leaders.
The task force discussed ways to keep the issue top of mind with Congress, especially to emphasize that the current framework isn’t adequate against skyrocketing fraud costs.
The group also discussed three draft bills discussed at the hearing:
- Transaction Risk Analytics and Collaborative Exchange (TRACE) Act of 2026. This would authorize controlled sharing of fraud-related information among financial institutions, protect consumer privacy, and enable artificial intelligence-based detection systems
- Bank Fraud Technology Advancement Act of 2026, to 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 financial institutions
- Scrutinizing Transactions for Overt Payment Fraud (STOP Fraud) Act, which would amend the Expedited Funds Availability Act to provide financial institutions with greater flexibility to hold funds in cases where there is suspected fraud
Advocacy and compliance resources are available on America’s Credit Unions’ website.