As the Treasury Department prepares to issue paper checks to economic impact payment recipients, the U.S. Secret Service released a notice for consumers, retailers and financial institutions with tips for identifying a legitimate, government-issued check.
…and other answers to your compliance questions in the May/June 2020 ABA Regulatory Policy and Compliance Inbox.
The American Bankers Association today joined a broad coalition of financial trade and consumer organizations in a letter to congressional leaders urging them to exempt the CARES Act economic impact payments from garnishment orders.
In a letter to Sens. Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.) today, ABA and three financial services trade organizations emphasized that the industry’s “highest priority is to ensure that economic impact payments reach Americans’ wallets quickly.”
With EMV card deployment reducing fraud at the point of sale, cyber-criminal schemes are targeting email, mobile devices and other channels.
Congress should protect CARES Act economic impact payments from being garnished to pay creditors, ABA and several other financial groups said today.
As previously reported, the Internal Revenue Service today launched a second online tool that enables consumers who have previously filed a tax return to check the status of their economic impact payment.
To help facilitate the timely, efficient and secure disbursement of the Treasury Department’s economic impact payments, the Consumer Financial Protection Bureau issued an interpretive rule—which takes effect upon publication in the Federal Register—stating that, if certain conditions are met, certain government pandemic relief payments are not considered “government benefits” for the purposes of the Electronic Funds Transfer Act and Regulation E.
As part of its policy response to the coronavirus pandemic, the Consumer Financial Protection Bureau today said it would provide relief to depository institutions after the scheduled July 20 expiration of a key exception in its remittance rule.
As required by the CARES Act, the Treasury Department and the IRS will begin issuing economic impact payments to Americans next week. To help facilitate the timely disbursement of these payments, they have launched a new web tool for individuals who do not normally file a tax return to input their payment information.