This legislation establishes the Task Force on Artificial Intelligence in the Financial Services Sector , comprising representatives from key financial regulatory bodies such as the Treasury, Federal Reserve, FDIC, and CFPB, with the Secretary of the Treasury serving as Chair. The Task Force is charged with examining the evolving landscape of artificial intelligence within the financial services industry, acknowledging both its innovative uses and potential threats. Within one year of enactment, the Task Force must submit a comprehensive report to Congress, which will include standard definitions for AI terms, a description of how financial institutions protect consumers from AI-driven fraud, and potential risks posed by bad actors using AI for data and identity theft. This report will also detail best practices for financial institutions and offer legislative and regulatory recommendations to safeguard consumers. To inform its findings, the Task Force is required to solicit public feedback and consult extensively with industry stakeholders, including various sizes of depository institutions, credit unions, third-party AI vendors, and AI experts. The Task Force will terminate 90 days after its final report is issued, focusing specifically on preventing deep fake scams and other AI-enabled financial crimes.