Nacha Meets with Treasury Staff and Operators to Discuss Stimulus Payments
Nacha staff recently met with representatives from Treasury, IRS, Fiscal Services and the ACH Operators to discuss lessons learned from the recent U.S. stimulus payments to U.S. citizens to help boost our economy due to the COVID-19 pandemic. The majority of the payments were made swiftly and correctly so the meeting focus was to learn from the first round and prepare for a potential second round of EIPs if Congress enacts another round of payments. Topics included identifying the payments, availability of payments and better communications with financial institutions, banking trades and among all the participants responsible for these payments.
It is yet to be seen if Congress will enact a second CARES Act. Nacha is monitoring this closely and meeting with Congressional staff to ensure ACH is the payment of choice for these government payments.
Nacha’s Government Relations Advisory Group (GRAG) Meets with Rep Lynch Staff
Nacha’s GRAG recently held a conference call with Kevin George, Senior Advisor, Economic Policy for Fintech Task Force for Chairman Lynch (D-MA) two days before the Task Force Hearing on "Inclusive Banking During a Pandemic: Using Fed Accounts and Digital Tools to Improve Delivery of Stimulus Payments." The robust dialogue focused on government EIP payments, future legislation for more payments, faster payments including FedNow and how Capitol Hill is dealing with job responsibilities and safety during the pandemic.
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