Aggregated News From Investment Management Regulators

New CFPB Guide for Intermediaries to Assist Non-Filers to Access their Economic Impact Payments

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WASHINGTON, D.C. — The Consumer Financial Protection Bureau (CFPB) released a guide to assist intermediaries in serving individuals to access their Economic Impact Payments (EIPs). The guide, Helping Consumers Claim the Economic Impact Payment: A guide for intermediary organizations , provides step-by-step instructions for frontline staff on how to:

  • Discuss the EIP with their clients
  • Determine if clients need to take action
  • Support clients with what to expect and how to troubleshoot common issues

Many people were automatically issued EIPs based on information from other federally administered payments (Social Security, Supplemental Security Income, Veterans benefits) or their 2018 or 2019 tax return. For people who were not required to file a 2019 tax return, the fastest way to claim their EIP funds is to enter their information in the IRS’s Non-Filers Tool on or before October 15, 2020.

The CARES Act calls on federal agencies, coordinated by the U.S. Department of the Treasury, to promote awareness of EIP and the CFPB is working with our partners at the IRS to help reach the millions of people who are not required to file a tax return because their income falls below filing requirements.

To read the guide click here: https://files.consumerfinance.gov/f/documents/cfpb_helping-consumers-claim-eip_guide.pdf

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The Consumer Financial Protection Bureau is a 21st century agency that helps consumer finance markets work by regularly identifying and addressing outdated, unnecessary, or unduly burdensome regulations, by making rules more effective, by consistently enforcing federal consumer financial law, and by empowering consumers to take more control over their economic lives. For more information, visit consumerfinance.gov.

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Regulator Information

Abbreviation: CFPB
Jurisdiction: United States

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