A Different Kind of Deadline: March 1, 2013; CFPB Webcast

Written by Steve Van Beek

We usually discuss compliance deadlines on the blog but, today, I wanted to mention an upcoming deadline that will be impacting your members primarily.  Of course, your credit union could be impacted as well through the process.

I'm talking about the March 1, 2013 deadline for electronic payments of federal benefits payments.  The Treasury has been utilizing its Go Direct campaign to inform consumers about the upcoming deadline.  It may also be useful for your credit union to understand this information to help members as well.  

Below are a few resources that might be useful:

Frequently-Asked-Questions:

• Why is the Treasury moving to all-electronic payments?
• How do people sign up for or switch to electronic payments of federal benefits? 
• What happens if people do not sign up?

Public Service Announcements:

• It's Time to Switch to Electronic Payments PSA
• Treasury: Anti-Fraud PSA
• Have You Heard? PSA
• Did You Know? PSA

Education Videos:

• Why is the U.S. Treasury requiring electronic federal benefit payments?
• How will I know my money has been deposited?
• How does direct deposit work?
• Are electronic payments safe?
• How can I use my Direct Express^® card?

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