Regulatory report on online scams and potential for additional rulemaking

(a) Report required Not later than 9 months after the date of enactment of this section, the Commission, in consultation with other Federal agencies, shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a report assessing whether additional statutory authority is needed to prevent the proliferation of online scams involving financial transactions. (b) Contents The report required under subsection (a) shall include— (1) an assessment of any regulatory gaps that allow online scams involving fraudulent advertisements or digital payment fraud to persist; (2) an analysis of whether improved information-sharing mechanisms between online platforms, financial institutions, and regulators could reduce consumer losses; and (3) recommendations for such legislation and administrative action required to strengthen oversight of online platforms or intermediaries facilitating scam-related payments.