Financial institutions’ highest priority is getting Economic Impact Payments (EIPs) to American consumers, CUNA and other organizations wrote to Sens. Sherrod Brown (D-Ohio) and Elizabeth Warren (D-Mass.) today. The Senators wrote a letter this week on depository institutions’ ongoing efforts to facilitate delivery of EIPs. 

“The financial sector will use a variety of approaches to ensure that consumers receive their funds quickly and in compliance with the law, including the unbanked, and customers whose funds may be sent by the government to closed bank accounts,” the letter reads. “Our industry is already taking action to speed delivery of these funds, and in many cases making exceptions to long-established policies. Our ability to identify and protect these payments will be enhanced by the government prioritizing electronic distribution of payments through direct deposit and by instituting technical improvements to Treasury checks.”

CUNA, as well as the other organizations, have called for similar steps since shortly after the passage of the CARES Act, the legislation authorizing the EIPs.

The letter adds that the organizations welcome continues dialogue on public-private partnerships and collaboration to ensure individuals and families receive the EIPs as intended.