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To embed, copy and paste the code into your website or blog: In the federal government’s ongoing effort to revive the U.S. economy and help people harmed by the economic damage wrought by the coronavirus pandemic, an important detail has gone under-noticed:  the most recent set of federal stimulus payments to individuals are subject to garnishment by creditors.  And this fact is creating legal and operational challenges for the banking industry. Unlike the federal stimulus payments provided to individuals and families pursuant to the Coronavirus Aid, Relief and Economic Security Act of 2020 (“CARES Act,” Pub. Law 116-136, 134 Stat. 281) and the Consolidated Appropriations Act of 2021 (Pub. Law 116-260), the federal stimulus payments provided under the American Rescue Plan Act of 2021 (Pub. Law 117-2) are not exempt from garnishment by creditors under federal law.  Within the banking industry, the three rounds of payments from the U.S. Treasury Department – known as “ec

New yorkUnited statesNew jerseyPat toomeyLarry hoganLetitia jamesPhil murphyChris van hollenMaura healeyTreasury departmentBallard spahrCrossstate credit union associationUs treasury departmentJersey bankers associationCoronavirus aidEconomic security act