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.”
Browsing: Economic impact payments
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 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.