Along with a coalition of bank trade groups and consumer advocacy organizations, ABA today urged the House to pass S. 3841, which would protect 2020 economic impact payments made under the CARES Act or other legislation from court-ordered garnishment.
The Senate today unanimously passed an ABA-advocated bill that would exempt the CARES Act economic impact payments from garnishment orders.
When COVID-19 accelerated customer movement into mobile and online banking solutions, and triggered consumers to push their funds into bank accounts, banks that had made investments in the digital customer experience were positioned to capitalize.
Throughout the coronavirus pandemic, banks have driven “unprecedented speed and efficiency” in delivering COVID-19 relief, including the CARES Act Economic Impact Payments and Paycheck Protection Program forgivable loans, ABA said today.
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.
The OCC today released a list of 13 interagency frequently asked questions related to the Community Reinvestment Act and the coronavirus pandemic.
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.
With consumers in the economic driver’s seat, here’s a look at several key indicators of the hit they’ve taken during the coronavirus pandemic.
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.
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.