House passes tech modernization, fraud, and penny bills

PYMNTS reported that four bills advanced by the House Financial Services Committee cleared the U.S. House of Representatives this week. The package covers regulatory technology, financial fraud enforcement, whistleblower protections, and coinage production.

The Fostering the Use of Technology to Uphold Regulatory Effectiveness in Supervision Act, or FUTURES Act (H.R. 8278), won a 417 to 7 vote. Reps. Marlin Stutzman (R-Ind.) and Bill Foster (D-Ill.) sponsor the measure, which mandates that financial regulators assess their tech capabilities to streamline examinations. Stutzman argued that artificial intelligence makes it imperative for regulatory technology to match monetary technological development, noting that Americans’ assets, savings and investments hang in the balance. Foster noted that agentic AI brings new threats to the financial system, potentially intensifying bank runs and cybersecurity risks, and stated that agencies must continuously assess their technology so Congress can better protect consumers.

The Guarding Unprotected Aging Retirees from Deception Act, or GUARD Act (H.R. 2978), passed 414 to 7. Reps. Zach Nunn (R-Iowa) and Josh Gottheimer (D-N.J.) back the bill, which permits law enforcement to utilize eligible federal grant funds to probe financial crimes and coordinate on emerging fraud trends. Nunn said the legislation originated from an Iowa sheriff’s deputy who reported that officers were watching criminals steal life savings but lacked tools to track them and recover money. Gottheimer added that the act provides investigators with the tools and resources to hunt fraudsters, claw back stolen funds, and protect the public.

The Whistleblower Protection Act of 2025 (H.R. 4646) passed unanimously, 424 to 0. Rep. Monica De La Cruz (R-Texas) sponsors the bill, which applies whistleblower protections to federally funded contracts previously supported by the Department of Housing and Urban Development. De La Cruz said the legislation provides clarity to HUD and ensures protections apply to every HUD contractor, regardless of when the contract was signed.

Rep. Lisa McClain (R-Mich.) sponsors the Common Cents Act (H.R. 10167), which passed by voice vote. The measure halts the minting of pennies and shifts production to a more cost-effective nickel. McClain stated that the federal government’s expenditure of nearly four cents to produce a penny valued at one cent indicates something is broken, and that House Republicans are proving common sense remains relevant in Washington through the elimination of inefficiencies and the safeguarding of public funds.