{"id":"AGY-ST-INSURANCE-BANKING-081","kind":"context","level":"sector-regulator","jurisdiction":"Michigan; Department of Insurance and Financial Services","state":"MI","metro":"","industry":"","agency":"ST-INSURANCE-BANKING","eco":"","issuer":"Anita G. Fox, Director","authority":"MCL 487.12101; 490.201","instrument":"Bulletin 2021-01-BT/CU","title":"Protection of Stimulus Funds and Employee Assistance Payments","dateIssued":"","effective":"2021-01","end":"Not rescinded within the period","startDate":"","endDate":"2021-09-30","quarters":["2021Q1","2021Q2","2021Q3"],"types":["OTHER"],"addressees":["Michigan-chartered banks and credit unions"],"clause":"On December 28, 2020, the federal government authorized a second round of direct stimulus payments to individuals, similar to the stimulus payments provided for in the CARES Act in May 2020. In addition, on December 29, 2020, [the Michigan Legislature appropriated employee assistance grants for workers laid off or furloughed due to the] ongoing COVID-19 pandemic. These stimulus payments are issued to help individuals provide for necessities... [DIFS expects] that many of these stimulus payments will be deposited into Michigan-chartered financial institutions\u0027 customer accounts [and directs institutions to protect them from garnishment and setoff].","enforcement":"MCL 487.12101 et seq. (supervisory)","functions":["SV collections, setoff and garnishment processing","BR deposit operations","CB laid-off and furloughed workers receiving assistance payments"],"notes":"Records the December 29, 2020 Michigan employee assistance grants \u0027for workers laid off or furloughed due to the ongoing COVID-19 pandemic.\u0027","sourceUrl":"https://www.michigan.gov/documents/difs/Bulletin_2021-01-BT_CU_711809_7.pdf","snapshot":"https://web.archive.org/web/20211228225328/https://www.michigan.gov/documents/difs/Bulletin_2021-01-BT_CU_711809_7.pdf","fileExists":true,"fileBytes":55068,"grade":"primary","character":"context","description":"","collection":"AGY-ST-INSURANCE-BANKING","url":"/library/AGY-ST-INSURANCE-BANKING-081","exhibitUrl":"/exhibit/AGY-ST-INSURANCE-BANKING-081","citation":"Anita G. Fox, Director, Bulletin 2021-01-BT/CU (Ex. AGY-ST-INSURANCE-BANKING-081)","stateName":"Michigan","related":["AGY-ST-INSURANCE-BANKING-094"]}