The IRS today issued a reminder to consumers still awaiting their CARES Act economic impact payment that they may be receiving the payment on a prepaid debit card.
ABA Joins Consumer, Banking Groups in Support for Bill to Prevent Garnishment of Economic Impact Payments
The American Bankers Association today joined with twelve consumer groups and banking industry organizations in supporting a bipartisan bill that would prevent CARES Act economic impact payments from being subject to garnishment by private debt collectors.
The Consumer Financial Protection Bureau today said it would provide flexibility for creditors to resolve billing errors during the coronavirus pandemic.
The Consumer Financial Protection Bureau today finalized several American Bankers Association-advocated changes to the remittance rule, including one that will permanently allow depository institutions to estimate certain fees and exchange rates when making disclosures to their customer about the cost of remittance transfers.
A total of 130 million Americans received economic impact payments totaling more than $200 billion within the first four weeks of the program, according to updated data released by the IRS today.
As credit card use picked up in the fourth quarter of 2019, a record share of consumers paid off their bill in full each month, according to ABA’s latest Credit Card Market Monitor released today.
The IRS has updated its FAQs on the CARES Act economic impact payments to reflect that the deceased (as well as heirs receiving payments in their name), non-resident aliens and incarcerated individuals are not eligible to receive EIPs and must return them.
As consumer spending patterns shift, banks are adjusting on the fly and focusing on relationships.
In a letter to NACHA last week, ABA offered support for several proposed changes aimed at improving and simplifying the ACH user experience while maintaining system efficiency.
The Federal Reserve tonight announced several temporary actions—which will take effect upon publication in the Federal Register—to increase the availability of intraday credit extended by the Federal Reserve Banks on both a collateralized and uncollateralized basis.