Bill > HR8671

This bill, titled the Bank Fraud Technology Advancement Act of 2026, mandates that the Federal banking agencies, which include entities like the Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA), conduct a comprehensive study on how advanced fraud detection technology, such as artificial intelligence and machine learning, is being used by banks and credit unions to prevent and detect financial fraud. The study will specifically examine the effectiveness of these technologies, the challenges smaller community financial institutions face in accessing and adopting them, and how to improve information sharing between public and private entities. It will also consider risks within payment systems and how regulations might be hindering innovation. The Federal banking agencies are required to report their findings and propose recommendations, which could include supporting shared fraud detection platforms, providing guidance on using artificial intelligence responsibly, or establishing pilot programs to help community financial institutions access these advanced tools. Furthermore, the bill allows for the creation of a voluntary pilot program to help community financial institutions gain access to these fraud detection tools through shared services or technical support.