CBA Commends U.S. House Financial Services Committee Report on Combatting Financial Fraud

WASHINGTON, D.C. - Consumer Bankers Association (CBA) President and CEO Lindsey Johnson today released the following statement commending the U.S. House Financial Services Committee for releasing its report titled "Fighting Back: A Policy Framework for Combating the Rise of Financial Fraud & Scams:"

"The U.S. House Financial Services Committee's report underscores what banks have been saying for years: fraud and scams have become one of the greatest threats facing consumers and our financial system, and no single industry or institution can solve this challenge alone.

"America's leading banks invest billions of dollars each year in cutting-edge technology, highly trained personnel, and consumer education to stay one step ahead of increasingly sophisticated criminals, yet fraudsters continue to exploit gaps across other industries that require coordinated action across the public and private sectors.

"We commend Chairman French Hill and Committee members for highlighting the need to modernize outdated regulations, strengthen information sharing, leverage new technologies, and foster closer collaboration among financial institutions, law enforcement, telecommunications providers, technology companies, and government agencies. These recommendations closely align with CBA's longstanding advocacy for a national, all-of-government strategy to combat fraud and scams.

"Protecting consumers requires empowering financial institutions with the tools, flexibility, and partnerships necessary to stop fraud before losses occur. CBA looks forward to working with Congress, regulators, and stakeholders to advance practical, bipartisan solutions that help safeguard American families and businesses from increasingly sophisticated criminal activity."

CBA Advocacy

• 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.