H.R. 4936 · In committee · Finance and Financial Sector

TRAPS Act

What it does

Establishes a multi-agency Task Force for Recognizing and Averting Payment Scams within 90 days, chaired by the Secretary of the Treasury, to examine payment scam trends and issue prevention recommendations.
Requires the Task Force to meet at least 3 times during the first year and thereafter as determined by the Chair, with membership including representatives from the Treasury, CFPB, FTC, DOJ, banking regulators, and financial institutions.
Directs the Task Force to evaluate payment scam methods, assess international prevention strategies, review scam tactics on payment platforms, develop consumer education strategies, and coordinate law enforcement efforts.
Requires the Task Force to submit a report to Congress and the public within 1 year detailing its findings, legislative and regulatory recommendations, and strategies for enhancing cooperation among Federal, State, local, and Tribal authorities.
Terminates the Task Force 3 years after submission of the initial report and exempts it from Federal advisory committee procedures under chapter 4 of title 5, United States Code.

Sep 16, 2026: Ordered to be Reported (Amended) by the Yeas and Nays: 49 - 0.

Committee: House Financial Services