Requires the Federal banking agencies to study how banks and credit unions use advanced technologies such as artificial intelligence to detect and prevent fraud, and allows a voluntary pilot program to help smaller community institutions access those tools.

• Requires the Federal banking agencies to report to Congress within 18 months on how insured banks and credit unions use artificial intelligence, machine learning, and similar tools to catch fraud.
• Directs the study to examine whether smaller community institutions face higher costs or other barriers, and to consider shared services and consortium-based fraud platforms.
• Allows the agencies to jointly create a voluntary pilot program for institutions with less than $10,000,000,000 in total assets, which expires within 3 years after the report.
• Defines advanced fraud detection technology and includes the National Credit Union Administration in the term Federal banking agency.

• Financial Services Committee (House)

Finance and Financial Sector