The U.S. House Committee on Financial Services convened on September 19, 2025, for a hearing titled "Fraud in Focus: Exposing Financial Threats to American Families." The primary objective of the meeting was to explore the various types of financial fraud affecting consumers, with a particular emphasis on the alarming increase in check fraud and scams targeting seniors.

The hearing opened with a statement highlighting the significant rise in fraud reports, with the Federal Trade Commission (FTC) noting 2.6 million reports in 2024, resulting in losses exceeding $12 billion—a 25% increase from the previous year. It was emphasized that this figure likely represents only a fraction of the actual fraud, as many victims do not report their experiences. The Department of Justice estimates that only 15% of fraud victims report incidents to law enforcement.

The discussion underscored the sophistication of fraud schemes, which include check fraud, romance scams, bank transfer fraud, identity theft, and payment scams. All demographics are at risk, with young adults and seniors particularly vulnerable. The committee stressed the need for a comprehensive, collaborative approach involving federal, state, and local governments, as well as the private sector, to effectively combat these threats.

The chairman acknowledged previous efforts by the Trump administration to address fraud, including sanctions on cyber scam centers and initiatives to reduce check usage for government payments. He also mentioned a recent letter sent to Federal Reserve Chairman Jerome Powell, seeking information on the Fed's efforts to combat fraud and enhance consumer education.

Ranking member Mr. Green provided a contrasting perspective, criticizing the Trump administration's economic policies, particularly tariffs, which he argued have negatively impacted American families and small businesses. He expressed concern over the weakening of the Consumer Financial Protection Bureau (CFPB), which was established to protect consumers from financial abuse. Green highlighted that the CFPB has been hindered in its ability to investigate and enforce actions against financial institutions, attributing this to funding cuts and policy changes under the Trump administration.

The hearing concluded with a commitment to continue bipartisan efforts to address financial fraud and protect consumers. The committee plans to develop resources for consumers to identify and report scams, marking the beginning of a series of initiatives aimed at tackling this pressing issue.