Re: Recommendations to Improve Delivery of Economic Impact Payments to Americans
The Honorable Janet Yellen
Secretary
US Department of the Treasury
Washington, DC
Dear Secretary Yellen:
We would like to commend the staffs of the Treasury Department, Internal Revenue Service (IRS), Bureau of the Fiscal Service, and the Federal Reserve for their monumental and expeditious efforts to distribute approximately 147 million payments in the second round of Economic Impact Payments (EIPs). As bank and credit union trade associations representing members of all sizes in every state and territory, the undersigned organizations have collaborated with the Department of the Treasury to ensure the safe, secure, and accurate delivery of EIPs to hundreds of millions of Americans under the Coronarvirus Aid, Relief, and Economic Security Act (CARES Act) and COVID-related Tax Relief Act of 2020.
President Biden recently instructed all executive departments and agencies to “promptly identify actions they can take within existing authorities to address the current economic crisis” as the nation continues to cope with the coronavirus pandemic. Pursuant to President Biden’s directive, the undersigned associations offer for your consideration a list of recommended actions to make the payment process faster and more efficient. As policymakers consider additional direct payments for economic relief, these improvements can help ensure that individuals receive funds promptly and safely while reducing disruptive errors. Additionally, anticipating the possible distribution of a third round of EIPs during tax season makes implementation of recommendations even more critical. It is with these thoughts in mind that we offer the following observations and recommendations.
We look forward to working with the new administration to ensure that all Americans continue to benefit from a dependable and efficient payment system. We would be happy to discuss these issues and our recommendations in greater detail at your convenience.
Sincerely,
American Bankers Association
Bank Policy Institute
Consumer Bankers Association
Credit Union National Association
Independent Community Bankers of America
National Association of Federally-Insured Credit Unions
The Clearing House