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Payments Management Excels at Electronic Payment Challenges
The Assistant Commissioner of Payment Management & Chief Disbursing Officer, Wanda J. Rogers, discusses the issuing of nearly 1 billion payments "on time, every time" along with the challenges she faces ahead to increase electronic payments.
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HUD Leads the Pack with a Photo Finish - Signs First SCMA with FMS
On April 8, 2008 the first Strategic Cash Management Agreement (SCMA) was signed between the U.S. Department of Housing and Urban Development (HUD) and FMS. Signing this agreement commits HUD to implement significant cash management improvements over the next three to five years. [more]
New OTCD Enhancements to Benefit Key Stakeholders
The Over the Counter Revenue Collection Division (OTCD) announces its move toward a retail business model that will streamline processes related to comprehensive agency reports and use a single system to capture all tender types. [more]
Administrative Wage Garnishment – What Agencies Need to Know
The Department of the Treasury, FMS through its Cross-Servicing Program assists agencies in collecting delinquent debt by Administrative Wage Garnishment (AWG). AWG allows federal agencies to garnish up to 15 percent of disposable pay without a court order for debtors who do not work for the federal government. [more]
A Look Inside HUD’s Successful Administrative Wage Garnishment Program
The Department of Housing and Urban Development (HUD) and the Department of the Treasury, FMS have jointly collected $8.7 million of delinquent debt owed to HUD using Administrative Wage Garnishment (AWG). Learn how HUD views AWG as a cost effective and valuable tool to collect delinquent debts from able debtors who are unwilling to repay their federal debt voluntarily.
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The Tele-TRACE Program – Cooperation from the Financial Community is Key
Has your financial institution received calls from FMS to research Social Security Direct Deposit payments in order to resolve claims of non-receipt? Living in the world of identity theft with overwhelming concerns about protecting your customer’s privacy? Financial institutions need to know which legal and regulatory sources support the release of information for the purpose of facilitating FMS’s TeleTRACE program. [more]
EFTPS Takes Steps to Help FIs and their Business Customers
In July 2007, the Electronic Federal Tax Payment System (EFTPS) began a pilot program with Intuit to provide a free interface with Intuit’s Quickbooks product. In the pilot’s first six months more than 124,000 payments totaling $375 million were received. EFTPS shares their new plans to publish the full interface specifications this summer which will benefit financial institutions and their customers, along with another effort to reduce FTD coupons.[more]
Green Book Revised for 2008
FMS recently updated the Green Book, the comprehensive guide for financial institutions that process federal Automated Clearing House (ACH) transactions. Read about key changes for 2008. [more]
Economic Stimulus Update for Financial Institutions
FMS began issuing approximately 130 million Economic Stimulus Payments on behalf of the Internal Revenue Service (IRS) on April 28, 2008. Of those payments, 30 to 45 million will be made by Direct Deposit to taxpayers who file a 2007 tax return and provide bank account information. ACH file information as well as U.S. Treasury check issuing information helps to prepare financial institutions for the volume ahead. [more]
DeCommissioning of RRBlink
Since October 1993, RRBlink has enabled railroad companies to schedule benefits and tax payments electronically. From its inception, RRBLink has collected $30,077,568,771.41 in tax payments and $693,412,214.48 in Unemployment Insurance Contributions (UIC) non-tax payments. In November 2006, FMS met with the Railroad Retirement Board to discuss converting all of their payments from the RRBLink system to EFTPS and Pay.gov. [more]
FMS's CCMM Initiative – What’s it all About?
It’s streamlining and modernizing FMS’s and Treasury’s collections and cash management programs, will enable FMS to provide more efficient services to customer agencies and deliver substantial cost savings to the federal government. Learn all about the goals of CCMM.
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Open Letter from FMS’s Commissioner, Judith R. Tillman to Elliott C. McEntee, President and CEO of NACHA – The Electronic Payments Association
Since 1988, Elliott McEntee’s leadership at NACHA has championed electronic payments through the Automated Clearing House (ACH) payment network. Now set to retire at the close of 2008, FMS’s Commissioner recognizes his valuable partnership with the federal government which has increased Direct Deposit, developed Standard Entry Class codes, convinced millions of businesses and corporations to make electronic tax payments and led the way to electronic check conversion technology. [more]
Upcoming FMS Events
Debt Collection Training for Federal Program Agencies
Financial Management Service (FMS), Debt Management Services (DMS) sponsors workshops and conferences for Federal Program Agencies on all aspects of the Debt Collection Improvement Act. Their 2008 training schedule includes training on Debt Collection 101 (DC101) and the Treasury Report on Receivables (TROR). [more]
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