The Federal Reserve found “remarkable stability in the actual and expected uses of stimulus checks” across all rounds of Economic Impact Payments, with most funds going towards saving and debt payments.
In a meeting with members of ABA’s executive committee today, Deputy Treasury Secretary Wally Adeyemo said that he is in the process of conducting a full review of the nation’s economic and financial sanctions programs, and “noted the important role financial institutions play in implementing these policies,” according to a readout of the meeting.
The American Bankers Association and six other financial trade groups today requested that the Internal Revenue Service improve its Get My Payment website to provide more accurate and timely information about the status of economic impact payments.
The Internal Revenue Service said today that it has issued another 25 million economic impact payments with a value of more than $36 billion in the fourth batch of payments.
The Internal Revenue Service and Treasury announced today that the next batch of economic impact payments will be sent to taxpayers this week, with a payment date of Wednesday, March 24.
In this episode, podcast co-hosts Evan Sparks and Monica C. Meinert review highlights from the ABA’s just-concluded virtual Washington Summit. If you missed the Summit, tune in for insight and analysis on the past few days, and if you watched the virtual event, revisit all the highlights in just 20 minutes.
With more direct payments coming for many Americans in the wake of a new round of economic impact payments, the importance of having a banking relationship will rise for unbanked Americans, White House official Cedric Richmond told ABA’s Washington Summit today.
In response to confusion about when consumers can access the latest round of economic impact payments, the American Bankers Association joined a coalition of nine financial trade groups today in issuing a statement confirming that the Internal Revenue Service chose March 17 for EIP funds to become available.
The IRS tonight announced that the third round of economic impact payments will begin reaching Americans over the next week, with some direct deposit payments arriving as soon as this weekend.
As Congress today passed the $1.9 trillion COVID-19 relief bill—which includes an additional round of economic impact payments for eligible taxpayers—ABA joined a coalition of financial and consumer advocacy groups urging Treasury Secretary Janet Yellen to support standalone legislation to ensure that these payments are shielded from assignment and garnishment.