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.
Federal Reserve Chairman Jerome Powell today said that his agency is “not equipped to service individual commercial and retail accounts” and that doing so is currently “not permitted under law.”
The American Bankers Association yesterday filed an amicus brief in the Texas state court case of Visa v. Sally Beauty Holdings.
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 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.
A total of 26.8 billion payments were made on the ACH Network in 2020—up 8.2% from a year prior—with a record of more than 2 billion new payments added, according to new figures released by NACHA today.
The Federal Reserve yesterday said that its FedNow service will be ready to launch in 2023. The Fed previously indicated that the service would be ready sometime in 2023 or 2024.
The American Bankers Association on Friday provided feedback to NACHA on its proposed plan to increase the dollar limit for same-day ACH transactions.
The Federal Reserve has announced that it will return to regular coin distribution for all coin denominations beginning on Jan. 15.