The GOP Financial Services Subcommittee held a hearing on March 5, 2026, titled "Fighting Fraud on the Front Lines: Challenges and Opportunities for Financial Institutions." The hearing focused extensively on the growing threat of financial fraud and scams impacting American consumers, seniors, and small businesses, with reported cybercrime losses reaching $16.6 billion in 2024. Witnesses from community banks, credit unions, and consumer advocacy groups testified about the significant investments financial institutions are making in fraud detection technologies such as AI and machine learning, as well as the challenges posed by outdated legal frameworks that limit information sharing and impose regulatory burdens. Several legislative proposals were discussed, including bills to modernize funds availability rules under Regulation CC, expand safe harbor protections for data sharing, and establish a national strategy and task force to combat fraud. The hearing also addressed the role of social media platforms and telecom providers in enabling scams, the need for enhanced consumer education, and the importance of restoring and empowering the Consumer Financial Protection Bureau (CFPB) to enforce consumer protections. Members emphasized the necessity of a coordinated, all-of-government approach to effectively deter, detect, and mitigate fraud without imposing undue burdens on smaller financial institutions.