The National Association of Federally-Insured Credit Unions (NAFCU) Executive Vice President of Government Affairs and General Counsel Carrie Hunt issued the following statement in response to the ongoing roll out of economic impact payments (EIPs) to consumers.
"Credit unions are working to get stimulus funds into their members’ accounts as soon as possible," said NAFCU Executive Vice President of Government Affairs and General Counsel Carrie Hunt. "Credit unions are not for profit regulated depository institutions who protect their members’ funds with the safety of the full faith and credit of the US Government, unlike fintech payment providers.
"With that safety comes rules credit unions have to follow, including IRS instructions related to funds availability. As the IRS sends additional batches of stimulus payments to millions of Americans in need of economic assistance, credit unions will work with members to ensure prompt availability of funds as soon as the IRS has allowed. Credit unions entire purpose is to serve their members."