The U.S. Department of the Treasury has issued a request for information (RFI) concerning Executive Order 14247, titled "Modernizing Payments To and From America’s Bank Account." This executive order aims to transition all federal disbursements from paper checks to electronic payments by September 30, 2025. The move affects various federal payments, including Social Security benefits, tax refunds, and vendor payments.
The Treasury highlighted that paper checks have become increasingly susceptible to fraud. In response, they are committed to raising awareness about the risks associated with paper checks. They aim to equip Americans with the necessary knowledge and tools to combat financial fraud and make informed financial decisions.
The RFI invites feedback from individuals and organizations on the implementation of this executive order. It seeks recommendations for increasing public awareness, particularly among unbanked and underbanked populations, to facilitate their transition to digital payments.
The public is encouraged to submit comments within 30 days. These comments will be available for public viewing at www.regulations.gov.
