PYMNTS

APRIL 27, 2020

Nothing brings money to top of mind like tax season — and tax refunds and stimulus payments , doled out in the wake of a pandemic known as the coronavirus. The trillions of dollars in stimulus funding and tax refunds being extended to families, individuals and businesses is coming — but slowly. Tax refunds?

Blockchain 108

Blockchain Tax Refunds IRS Fed 108

PYMNTS

MARCH 18, 2019

Connecting these two dots suggests a few important things that, for banks and card networks, might be the 2020 hindsight that could have come in handy had they stopped to look backwards a few years ago: That the Fed has much more than a passing interest in how faster payments are run in the U.S. This delay was initiated by the Fed.

Faster Payments 80

Faster Payments Fed RTP Same Day ACH 80

PYMNTS

AUGUST 10, 2020

But with a 2023-24 timeframe to implementation, the Fed’s efforts will take a while to cross the Rubicon from concept to reality. Waiting for the Fed — and its promise of interoperability, which requires participation from the private sector — is akin to playing the (very) long game.

Real Time Payments 138

Real Time Payments RTP TCH Federal Reserve 138

PYMNTS

APRIL 21, 2020

Plus, the IRS has shelved processing tax refunds to make room for sending stimulus payments. IRS Puts Tax Refunds In Storage As It Works On Stimulus Checks. Amid Scramble For Fed Funds, Fundamental Question: Who’s An SMB? Public Businesses Reap PPP Relief Of $300M.

Tax Refunds 56

Tax Refunds IRS Payments AI 56

PYMNTS

APRIL 17, 2017

This decline may turn out to be temporary, and some peg the consumer spending slowdown on late income tax refund disbursement. Still, refund delays likely only accounted for a small part of the consumer spending slowdown. This represents a 0.2 percent from January. percent month on month from February. percent in March.

Tax Refunds 40

Tax Refunds Federal Reserve Fed Adjustments 40

PYMNTS

NOVEMBER 28, 2016

The Fed asked people what their biggest concerns were. The Fed doesn’t report a figure for the adults in the under $40K households separately, but overall, 42 percent of households have volatile incomes. That includes tax refund anticipation loans, pawnshop loans, payday loans, auto-title loans and paycheck advances.

Consumer 51

Consumer CFPB Credit Cards Federal Reserve 51