TRAPS Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Overview
The TRAPS Act establishes a Task Force for Recognizing and Averting Payment Scams. This Task Force, comprised of representatives from various government agencies and financial sectors, will examine current payment scam trends, identify prevention methods, and develop recommendations to combat these scams. The Task Force will also coordinate efforts with law enforcement and other stakeholders to investigate and prosecute scammers and educate consumers.
Key provisions
- Establishes a Task Force on Payment Scams within the Treasury Department.
- The Task Force will analyze current payment scam trends and develop prevention strategies.
- Membership includes representatives from agencies like the CFPB, FCC, FTC, and DOJ, as well as financial institutions and consumer groups.
- The Task Force is required to meet at least three times per year and submit annual reports.
- Reports will detail findings, strategies, and legislative recommendations.
- The Task Force will evaluate best practices for combating various scam methods.
- The Task Force will determine a strategy for consumer education programs.
- The Task Force will assess international efforts to prevent payment scams.
Who is affected
- Consumers
- Financial Services Industry
- Technology Companies
- Government Agencies
- Financial Crimes Enforcement Network
Bill text
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