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NAFCU, trades seek more guidance on EIPs
NAFCU joined with seven other financial industry trade groups Wednesday to seek additional guidance from the Treasury Department on handling economic impact payments (EIPs) provided by the CARES Act.
NAFCU last week met with the CFPB to discuss operational challenges of handling stimulus payment checks.
EIPs are being sent via direct deposit – for consumers who provide that information to the IRS or have it on file from their 2018 or 2019 tax filings – or check. In the letter to Treasury Secretary Steven Mnuchin, the trades said "maximizing electronic disbursements and minimizing paper payments will benefit individual recipients and the country."
"The EIP process can be made even more efficient for recipients and the financial services industry if additional clarity is gained in certain operational areas," they wrote. The letter includes several questions for the Treasury Department to address in order to provide financial institutions with more guidance for processing electronic and paper check transactions.
"This important information will help get much-needed relief payments to recipients faster. The responses will not only provide clarity in the near-term, but will also serve as a guidepost for any future relief payment initiatives that may be forthcoming."
In addition to the operational questions, the trades also asked the Treasury to clarify how to handle EIPs that are made to deceased individuals.
NAFCU will continue working with the Treasury Department and IRS to ensure credit unions can efficiently handle the disbursement of EIPs. A Compliance Blog post earlier this month addresses FAQs on these payments, and another recent blog explains guidance from the CFPB on regulations that apply to EIPs.
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