CFA’s Adam Rust Testifies Before House Financial Services Committee on Escalating Threat of Fraud and Scams

Washington, D.C. - Adam Rust, Director of Financial Services at the Consumer Federation of America (CFA), will testify tomorrow before the U.S. House Committee on Financial Services, Subcommittee on Financial Institutions, at a hearing titled "Fighting Fraud on the Front Lines: Challenges and Opportunities for Financial Institutions." Rust will address the rapid rise of financial fraud and scams and the growing risks facing American consumers and the financial system.

Rust's testimony will highlight that financial fraud and scams represent one of the fastest growing threats to consumers, with reported losses reaching $12.5 billion in recent years. He will emphasize that the true cost is likely much larger, as many victims never report their losses. Rust will also discuss the important role of the Consumer Financial Protection Bureau in protecting scam victims and warning that recent attacks on the agency have weakened oversight, and made consumers more vulnerable to scams.

Rust's testimony will urge Congress to take meaningful action to address the growing issue of scams and strengthen legislative protections for consumers.

WHAT: Hearing - Fighting Fraud on the Front Lines: Challenges and Opportunities for Financial Institutions

WHO: Adam Rust, Director of Financial Services, Consumer Federation of America

WHEN: Thursday, March 5, 2026 | 10:00 AM EST

WHERE: 2128 Rayburn House Office Building, Washington, D.C.