Financial Trade Groups Offer Recommendations to Improve EIPs

As lawmakers consider a new round of direct payments as part of a new COVID-19 relief package, the American Bankers Association and six other financial trade associations offered recommendations to the Treasury Department for improving the economic impact payments process.

The groups urged Treasury to implement steps to improve the accuracy of information used to create payments files, increase the use of electronic payments, improve communication with both EIP recipients and industry partners and address issues related to EIPs being used to reduce debts. The groups also urged Treasury to meet with industry stakeholders to discuss the recommendations before future rounds of EIPs.

ABA earlier this week hosted a meeting with Treasury officials and other trade groups to review the contents of the letter and to reaffirm that the banking industry shares the goal of moving relief funds into recipient accounts as quickly as possible.