CBA Applauds President Trump for Taking Action to Protect Americans from Fraud, Scams, and Abuse

Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released a new statement after President Donald J. Trump signed an Executive Order (EO) to combat cybercrime, fraud, and predatory schemes targeting American families, businesses, and critical infrastructure.

"Fraud and scams are an enormous threat to Americans and the financial system. On behalf of America's leading retail banks, CBA has long called on policymakers to address the issue through a whole-of-government strategy that works across industries to protect consumers and their hard-earned money.

"We applaud President Trump for taking decisive action today, which will enhance interagency coordination, pursue the criminal networks behind these attacks, and prioritize prosecution of cyber-enabled fraud.

"CBA looks forward to working with the Administration and Congress to build on this momentum and ensure Americans are protected from the rapidly evolving fraud and scam ecosystem."

Background

Testifying before the House Financial Services Committee yesterday, CBA Fraud Management Committee Chair Patrick McDade urged the White House to issue an EO as part of several recommendations to combat rising instances of fraud and scams:

"While much of the recommendations below focus on Congressional actions and recommendations, the Administration could also take meaningful steps in the near term, in tandem with Congress' actions, to initiate near-term and longer-term changes. For example, the Administration could issue an [EO] establishing a formal, government-wide framework for combating fraud and scams. Such an [EO] would not replace legislative action, nor would it alter Congress's important oversight role. Rather, it would provide immediate structural alignment across agencies while longer-term statutory reforms are developed and considered."

CBA Advocacy

• To watch McDade's oral testimony, click HERE. To read McDade's full written testimony, click HERE.
• To read CBA's letter to the Financial Institutions Subcommittee in advance of Patrick McDade's testimony, click HERE.
• To read a CBA comment letter sent in response to a joint request for information issued by the Office of the Comptroller of the Currency, the Federal Reserve Board, and the Federal Deposit Insurance Corporation regarding potential actions to address payments fraud, click HERE.

• To read a summary of the cross-industry convening CBA hosted in July 2024 on combating fraud and scams, click HERE.

• To read the white paper that CBA commissioned in 2024 on combating fraud and scams, click HERE.

• To read a recent op-ed from CBA Vice President, Associate General Counsel Brian Fritzsche published in Open Banker calling for a coordinated, national response to protect consumers from increasingly sophisticated financial fraud and scams, click HERE.

• To read an April 2025 op-ed in The Hill from CBA President and CEO Lindsey Johnson calling for lawmakers to support a whole-of-government approach to combat fraud and scams, click HERE.