Congress orders AI fraud study as deepfakes target bank customers
S. 2117 — Preventing Deep Fake Scams Act · Filed by Jon Husted (R-OH) · 1 cosponsor · Introduced Jun 18, 2025 · Referred to committee
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What it does
This bill creates a federal Task Force led by the Treasury Secretary and including heads of banking regulators to study how artificial intelligence is being used in financial services, with a focus on deepfake fraud risks. The Task Force must report to Congress within one year with findings on how banks protect against AI-enabled fraud, definitions of AI terms, identified risks, best practices, and legislative recommendations—then dissolve 90 days after submitting its report.
Why we flagged it
The bill's operative mechanism is the creation of a temporary interagency task force to investigate and report on AI risks in financial services. It is not a regulatory mandate, appropriation, or substantive policy change—it is a study authorization with a defined scope and sunset.
What the text implies
- The Task Force's recommendations may form the basis for future AI regulation in banking; a narrow or industry-friendly report could delay consumer protections, while a robust one could accelerate rulemaking.
- The bill requires consultation with 'industry and expert stakeholders' but does not mandate equal weight for consumer advocates or civil-rights groups, potentially skewing recommendations toward industry preferences.
- The one-year timeline is tight for a comprehensive AI risk assessment across the entire financial services sector; rushed findings could miss emerging threats or produce incomplete guidance.
Section numbers refer to the bill text the analysis read — linked under Primary records below.
Who it affects
The bill establishes a fact-finding mechanism to address a genuine public threat (deepfake fraud targeting bank customers) without imposing restrictions on citizens or creating new liabilities. Citizens gain transparency about AI fraud risks and potential regulatory safeguards, though the actual impact depends on whether Congress acts on the Task Force's recommendations.
Named in the bill
U.S. Department of the Treasury, Office of the Comptroller of the Currency, Federal Reserve System, Federal Deposit Insurance Corporation, Consumer Financial Protection Bureau, National Credit Union Administration, Financial Crimes Enforcement Network, depository institutions, credit unions, third-party AI vendors
Where it stands
1 cosponsor: 1 Democrats.
- Jun 18, 2025 — Introduced · Congress.gov: “Introduced in Senate”
- Jun 18, 2025 — Referred to Senate Committee on Banking, Housing, and Urban Affairs · Congress.gov: “Read twice and referred to the Committee on Banking, Housing, and Urban Affairs”
Dates and quoted wording are Congress.gov's action record; the timeline shows status changes, not every procedural step.
How this was measured
Analysis — Quorum's AI read the bill text published by Congress.gov (3,654 characters) on Aug 21, 2026. Section numbers in the findings refer to that text, linked below; transparency and hidden-provision scores are compared against the median of 16,222 analysed bills.
Status and sponsors — Congress.gov's bill record — actions, committee referrals and cosponsors — loaded nightly. The timeline shows status changes, not every procedural action.
As of — page rendered 2026-10-20.
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