Banking & Credit

Groups Urge Congress to Protect Stimulus Payments from Assignment and Garnishment

CFA joined consumer and banking industry organizations in a letter to Congressional Leadership to express their strong support to insert language into the current stimulus package to protect the next round of economic impact payments in that bill from assignment and garnishment. The language suggested mirrors the language in the CARES Act of 2020 that applied to the second round of economic impact payments. Consumer and banking industry groups have worked together to ensure that economic impact payments help families purchase food and other necessities to make ends meet, as they were intended.