On April 13, 2020, the Consumer Financial Protection Bureau issued an interpretive rule to provide guidance to government agencies, including the U.S. Department of the Treasury, to make COVID-19-related relief payments to individuals, including the economic impact payments authorized in the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).
According to a press release, the CFPB is loosening its existing rules to make it easier to provide EIPs and other government pandemic-relief payments via prepaid account to individuals without access to direct deposit.
Read our client alert.