COVID-19 Fraud Prevention Act

Bill: 116-hr-6735
Sponsor: full_name: Rep. Axne, Cynthia [D-IA-3]
Introduced: 2020-05-08
Policy area: Finance and Financial Sector
Subjects: Cardiovascular and respiratory health

Congressional oversight

Consumer Financial Protection Bureau

Consumer affairs

Emergency medical services and trauma care

Executive agency funding and structure

Financial services and investments

Fraud offenses and financial crimes

Government information and archives

Infectious and parasitic diseases

Lawyers and legal services

Securities and Exchange Commission (SEC)
Latest action: action_date: 2020-09-22
text: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

Summaries:
action_date: 2020-05-08
action_desc: Introduced in House
text: <p><b>COVID-19 Fraud Prevention Act </b></p> <p>This bill establishes the Consumer and Investor Fraud Working Group to prevent fraud during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The working group must report monthly regarding resources available to consumers, public enforcement actions, and related consumer complaints. </p>

action_date: 2020-09-21
action_desc: Passed House
text: <p><b>COVID-19 Fraud Prevention Act </b></p> <p>This bill establishes the Consumer and Investor Fraud Working Group to prevent fraud during the COVID-19 (i.e., coronavirus disease 2019) pandemic. The working group must report quarterly regarding resources available to consumers, public enforcement actions, and related consumer complaints. </p>

tv_txt: I 116th CONGRESS 2d Session H. R. 6735 IN THE HOUSE OF REPRESENTATIVES May 8, 2020 Mrs. Axne (for herself and Ms. Waters ) introduced the following bill; which was referred to the Committee on Financial Services A BILL To establish the Consumer and Investor Fraud Working Group to help protect consumers and investors from fraud during the COVID–19 pandemic, to assist consumers and investors affected by such fraud, and for other purposes.

1. Short title This Act may be cited as the COVID–19 Fraud Prevention Act . 2. Consumer and Investor Fraud Working Group (a) Establishment Not later than the end of the 30-day period beginning on the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection and the Securities and Exchange Commission shall, jointly, establish a working group to be known as the Consumer and Investor Fraud Working Group (the Working Group ). (b) Duties The Working Group shall facilitate collaboration between the Bureau of Consumer Financial Protection and the Securities and Exchange Commission on— (1) providing resources to consumers and investors to avoid fraud during the COVID–19 pandemic; (2) providing resources, including information on the availability of legal aid resources, to consumers and investors who have been adversely impacted by such fraud; and (3) such other topics as the Working Group determines appropriate. (c) Reports The Working Group shall issue a monthly report to the Congress summarizing— (1) the resources made publicly available to consumers by the Working Group; (2) any public enforcement action taken jointly or individually by any member of the Working Group; (3) the number and description of consumer complaints received by the Bureau of Consumer Financial Protection and the Securities and Exchange Commission regarding fraud related to the COVID–19 pandemic; and (4) any other actions of the Working Group. (d) Reports The Working Group shall issue a monthly report to the Congress on the progress of the Working Group, and the actions taken by the Working Group. (e) Sunset This section shall cease to have any force or effect on and after December 31, 2021.

tv_txt: I 116th CONGRESS 2d Session H. R. 6735 IN THE HOUSE OF REPRESENTATIVES AN ACT To establish the Consumer and Investor Fraud Working Group to help protect consumers and investors from fraud during the COVID–19 pandemic, to assist consumers and investors affected by such fraud, and for other purposes.

1. Short title This Act may be cited as the COVID–19 Fraud Prevention Act . 2. Consumer and Investor Fraud Working Group (a) Establishment Not later than the end of the 30-day period beginning on the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection and the Securities and Exchange Commission shall, jointly, establish a working group to be known as the Consumer and Investor Fraud Working Group (the Working Group ). (b) Duties The Working Group shall facilitate collaboration between the Bureau of Consumer Financial Protection and the Securities and Exchange Commission on— (1) providing resources to consumers and investors to avoid fraud during the COVID–19 pandemic; (2) providing resources, including information on the availability of legal aid resources, to consumers and investors who have been adversely impacted by such fraud; and (3) such other topics as the Working Group determines appropriate. (c) Coordination with other agencies In carrying out the duties described under subsection (b), the Working Group shall coordinate and collaborate with other Federal and State government agencies, as appropriate. (d) Quarterly report The Working Group shall issue a quarterly report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the progress of the Working Group and summarizing— (1) the resources made publicly available to consumers by the Working Group; (2) any public enforcement action taken jointly or individually by any member of the Working Group; (3) the number and description of consumer complaints received by the Bureau of Consumer Financial Protection and the Securities and Exchange Commission regarding fraud related to the COVID–19 pandemic; and (4) any other actions of the Working Group. (e) Sunset This section shall cease to have any force or effect on and after December 31, 2021. 3. Determination of Budgetary Effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives September 21, 2020. Cheryl L. Johnson, Clerk.

tv_txt: IIB 116th CONGRESS 2d Session H. R. 6735 IN THE SENATE OF THE UNITED STATES September 22, 2020 Received; read twice and referred to the Committee on Banking, Housing, and Urban Affairs AN ACT To establish the Consumer and Investor Fraud Working Group to help protect consumers and investors from fraud during the COVID–19 pandemic, to assist consumers and investors affected by such fraud, and for other purposes.

1. Short title This Act may be cited as the COVID–19 Fraud Prevention Act . 2. Consumer and Investor Fraud Working Group (a) Establishment Not later than the end of the 30-day period beginning on the date of enactment of this Act, the Director of the Bureau of Consumer Financial Protection and the Securities and Exchange Commission shall, jointly, establish a working group to be known as the Consumer and Investor Fraud Working Group (the Working Group ). (b) Duties The Working Group shall facilitate collaboration between the Bureau of Consumer Financial Protection and the Securities and Exchange Commission on— (1) providing resources to consumers and investors to avoid fraud during the COVID–19 pandemic; (2) providing resources, including information on the availability of legal aid resources, to consumers and investors who have been adversely impacted by such fraud; and (3) such other topics as the Working Group determines appropriate. (c) Coordination with other agencies In carrying out the duties described under subsection (b), the Working Group shall coordinate and collaborate with other Federal and State government agencies, as appropriate. (d) Quarterly report The Working Group shall issue a quarterly report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on the progress of the Working Group and summarizing— (1) the resources made publicly available to consumers by the Working Group; (2) any public enforcement action taken jointly or individually by any member of the Working Group; (3) the number and description of consumer complaints received by the Bureau of Consumer Financial Protection and the Securities and Exchange Commission regarding fraud related to the COVID–19 pandemic; and (4) any other actions of the Working Group. (e) Sunset This section shall cease to have any force or effect on and after December 31, 2021. 3. Determination of Budgetary Effects The budgetary effects of this Act, for the purpose of complying with the Statutory Pay-As-You-Go Act of 2010, shall be determined by reference to the latest statement titled Budgetary Effects of PAYGO Legislation for this Act, submitted for printing in the Congressional Record by the Chairman of the House Budget Committee, provided that such statement has been submitted prior to the vote on passage.

Passed the House of Representatives September 21, 2020. Cheryl L. Johnson, Clerk.