2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
On April 13, 2020, the Consumer Financial Protection Bureau (CFPB) issued an Interpretive Rule applying the Regulation E compulsory use prohibition to the treatment of pandemic relief payments. It means no person may require a consumer to establish an account for receipt of electronic fund transfers with a particular financial institution as a condition of employment or receipt of a government benefit.
The Interpretive Rule addresses the compulsory use prohibition by ruling certain pandemic-relief payments are not “government benefits” for the purposes of the Regulation E compulsory use prohibition. Specifically, government benefits do not include payments from federal, state or local governments if those payments are:
Consequently, a government agency can require consumers to establish an account with a particular financial institution as a condition of receiving pandemic relief payments if they meet the four conditions above.
For more information on COVID-19 regulatory compliance guidance, contact us today.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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