H.R. 5683: Military Consumer Protection Task Force Act of 2025

The Military Consumer Protection Task Force Act of 2025 establishes an interagency task force aimed at protecting members of the Armed Forces, veterans, and military families from financial fraud. Here’s a breakdown of what the bill entails:

Findings

The bill highlights that members of the military community are frequently targeted by various financial fraud schemes, including:

• Imposter scams
• Investment-related schemes
• Fake check scams
• Pension poaching
• Veterans’ charity scams

It cites alarming statistics, noting that financial fraud led to significant financial losses, with total reported losses increasing year over year. For instance, in 2023, military consumers reported around $477 million in losses, and this number rose to approximately $584 million in 2024.

Task Force Establishment

The Secretary of Defense, in coordination with the Secretary of Veterans Affairs, is tasked with forming the Interagency Task Force on Financial Fraud within 90 days of the bill's enactment. This task force will focus on financial fraud targeting military members and veterans.

Membership Composition

The task force will consist of representatives from several key federal agencies, including:

• The Department of Defense
• The Department of Veterans Affairs
• The Federal Trade Commission
• The Consumer Financial Protection Bureau
• The Department of Justice
• The Federal Communications Commission
• The Postal Inspection Service

Additionally, three representatives from non-governmental organizations, focusing on expertise in financial fraud, will be included, ensuring at least one representative is from a veterans’ service organization.

Consultation and Engagement

The task force is required to engage regularly with:

• Victims of financial fraud within the military community
• Federal agencies not represented on the task force
• Various stakeholders, including law enforcement, financial services providers, technology companies, and social media platforms

Operational Structure

The task force must convene at least three times a year to discuss its activities. Its main objectives are to:

• Identify and review methods of financial fraud targeting military personnel
• Examine the impact of emerging financial technologies on military families
• Evaluate existing federal programs, policies, and educational efforts aimed at preventing such fraud
• Provide recommendations to enhance efforts in combating financial fraud

Reporting Requirements

Within 180 days of the bill’s enactment, the task force is mandated to submit an initial report to relevant congressional committees outlining its findings and recommendations. This will be followed by annual reports to track progress and ongoing recommendations.

Target Areas for Action

Specific areas of inquiry for the task force include but are not limited to:

• Medical billing and credit reporting issues
• Pension poaching and veterans’ benefit fraud
• Predatory lending practices
• Fraudulent employment offers
• Mortgage relief scams

Relevant Companies

None found