Welcome to the first Compliance Blog post of 2021! This new year should be an interesting one, given the change in presidential administration and efforts to end the COVID-19 pandemic.
Speaking of the pandemic, President Trump signed a new coronavirus stimulus bill on December 27th, 2020. See herefor a summary of this new stimulus bill, which is exclusive to NAFCU members. This new law includes provisions for more Economic Impact Payments (EIPs), also known as stimulus payments.
ACH payments have already begun to go out and must be made available by today (January 4th, 2021). The Treasury Department has sent a notice to financial institutions which states that EIPs sent via check will have a payment date of January 6, 2021. Treasury will honor checks presented before the 6th if credit unions choose to accept them.
Here are some things to note as credit unions continue to process this round of EIPs:
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