Congress creates task force to study payment scams, promises public report
S. 2019 — TRAPS Act · Filed by Mike Crapo (R-ID) · 11 cosponsors · Introduced Jun 10, 2025 · Referred to committee
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What it does
This bill creates a federal Task Force on Payment Scams, chaired by the Treasury Secretary, bringing together regulators (CFPB, FTC, FCC, DOJ, Federal Reserve, OCC, NCUA, FDIC, FinCEN), financial institutions, credit unions, digital payment networks, community banks, consumer groups, technology platforms, and victim advocates. The Task Force will study payment scam trends, identify prevention methods, and issue recommendations within one year; it will meet at least three times annually and submit public reports with legislative and regulatory recommendations. The Task Force terminates after three years.
Why we flagged it
The bill's sole operative mechanism is establishing a federal advisory task force to study payment scams and issue recommendations. It is a fact-finding and coordination instrument, not a regulatory or appropriations measure.
What the text implies
- Task Force composition includes private financial institutions and digital payment networks appointed by Treasury Secretary, creating potential for industry influence over scam-prevention recommendations despite consumer representation.
- No enforcement authority or funding mechanism specified; recommendations are advisory only and may not be implemented by agencies or Congress.
The full analysis lists 4 implications of this text.
Who it affects
The bill creates a transparent, multi-stakeholder task force to study and combat payment scams affecting ordinary consumers, with mandatory public reporting and victim representation. It imposes no new restrictions on citizens' rights or remedies, and the cross-sector coordination and consumer education focus directly serve public safety.