TCH, along with the ABA, CUNA, CBA, ICBA, NAFCU and BPI (“Associations”), submitted a comment letter to Janet Yellen, Secretary of the U.S. Department of the Treasury, to highlight successes from recent pandemic-related distributions of government benefit payments (i.e., Economic Impact Payments (EIPs)) and to recommend areas of potential improvement for future EIPs. The Associations commended the staffs of the Treasury Department, Internal Revenue Service, Bureau of Fiscal Service, and Federal Reserve on their expeditious distribution of approximately 147 million second-round EIPs, and provided a list of recommended actions to make the payment process faster and more efficient in the future, and to help ensure that individuals receive funds promptly and safely while reducing disruptive errors. The recommendations, which are consistent with a recent directive from the Biden Administration to all executive departments and agencies to “promptly identify actions they can take within existing authorities to address the current economic crisis,” include:
- Implement steps to improve the accuracy of information used to create the payments files
- Enhance processes which drive future EIPs to 100% electronic payments
- Make more timely communications with EIP recipients regarding the registering for electronic payments and the timing of the payment process
- Communicate with industry partners
- Address issues related to EIPs being reduced to pay debts
- Arrange a meeting between Treasury staff and industry partners to discuss these recommendations, EIP1 and EIP2, and potential implementation of enhancements in advance of future rounds of stimulus
To read the full comment letter click here.