💳Treasury Seeks Input on Transition to Electronic Payments
Request for Information Related to the Executive Order, “Modernizing Payments To and From America's Bank Account”
Summary
The U.S. Department of the Treasury (Treasury) invites public input to inform its implementation of the President's Executive Order (E.O.) 14247 on "Modernizing Payments To and From America's Bank Account" issued on March 25, 2025, which, among other items, directs the Secretary of the Treasury to cease issuing paper checks and transition to the use of electronic payments for all Federal disbursements where feasible. This request for information (RFI) offers the opportunity for interested individuals and organizations to provide feedback on matters related to Treasury's implementation of E.O. 14247, in particular Treasury's efforts to advance a public awareness campaign that will help consumers, including unbanked and underbanked populations, transition to digital payments as contemplated by the E.O.
Agencies
- Treasury Department
Business Impact
$$$ - High
The regulation implies a mandatory transition to electronic payments for federal transactions, impacting businesses reliant on federal payments. This may require adjustments to business accounting practices and technology infrastructure. The RFI solicits comments that could shape future regulatory approaches affecting financial landscape.