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ABA: The American Bankers Association
Compliance News

Trade Groups Seek Treasury Clarification on EIP Issues

ABA and several bank, credit union and payment industry trade groups asked the Treasury Department to respond to news reports that Treasury would seek the return of CARES Act economic impact payments sent to deceased individuals.

“This report is contrary to guidance previously provided by the Department of the Treasury, and contravenes both NACHA rules and Treasury’s own Green Book that govern federal ACH payments,” the groups said. “To reduce confusion amongst recipients and their financial institutions, we request that this matter be addressed with all due haste.”

The groups also sought Treasury clarification on several EIP operational issues, including forecasts of volumes, projected dates, check processing, electronic payments and the IRS user portal. For more information, contact ABA’s Steve Kenneally.