#2021-2, January 15, 2021

IRS Makes Additional Clarifications on Misdirected EIPs

Earlier this week, the Internal Revenue Service reversed its previous guidance and announced it will reissue payments for taxpayers who did not initially receive their second-round economic impact payments due to a processing error.  The IRS said these payments may either be issued as paper checks or via an ACH direct deposit and that taxpayers do not need to take action in order to receive their reissued payment.

To read more, click here.

Fed Resuming Regular Coin Distribution Today

The Federal Reserve announced this week that it is resuming regular coin distribution for all denominations beginning today, January 15.  As we reported previously, coin orders had been capped by the Fed because of pandemic-related circulation problems. 

While the Fed noted that coin circulation “has not fully returned to normal patterns,” deposits from financial institutions and increased US Mint production have allowed the central bank to discontinue coin allocations.  The Fed noted it will continue to monitor coin circulation and urged all FedCash Services customers “to continue to order only what they need to meet near-term demand and to deposit any excess coin to the Federal Reserve.”

CFPB Seeks Advisory Council Applications

The Consumer Financial Protection Bureau recently announced it is requesting applications for positions on the agency’s advisory panels.  These include the Community Bank Advisory Council and the Consumer Advisory Board.

The Community Bank Advisory Council typically meets three times per year and is intended to provide the director and senior staff with feedback from banks with $10 billion or less in assets. Council members are named to two-year terms.  The Consumer Advisory Board advises the Bureau on emerging trends and challenges related to consumer financial products and services.  It also typically meets three times per year and is open to bankers from institutions with more than $10 billion in assets. Board members are named to two-year terms.

Applications for the council and board are available today and will be accepted until February 24. To read more and apply, click here.

Acting Comptroller Brooks Steps Down

On Wednesday, Acting Comptroller of the Currency Brian Brooks announced that he was stepping down, effective Thursday, January 14.  The agency’s Chief Operating Officer, Blake Paulson, a career bank examiner, took over as Acting Comptroller.