In January, the IRS announced it would no longer allow small-business lenders or government agencies to access the Income Verification Express Services (IVES) program. The IVES program is currently used by consumer and commercial lenders and government agencies such as the Small Business Administration to confirm a borrower’s income during the loan application process.
The IVES program has proven to be an important tool for combating fraud, lowering the cost, and increasing the speed of loan underwriting. Without it, small businesses and lenders will have to rely on potentially inaccurate information and costly alternatives.
The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.
Joint Trades Call for Continued Use of IRS IVES Program for Consumers and Small Businesses
The Financial Technology Association (FTA) joined a group of11 trades sending a letter to Congressional Leadership calling for the passage of H.R. 3335, the IRS eIVES Modernization and Anti-Fraud Act of 2023, to ensure the Internal Revenue Service (IRS) follows the original intent of Congress and prevents disruptions to the consumer and commercial lending industries.
In January, the IRS announced it would no longer allow small-business lenders or government agencies to access the Income Verification Express Services (IVES) program. The IVES program is currently used by consumer and commercial lenders and government agencies such as the Small Business Administration to confirm a borrower’s income during the loan application process.
The IVES program has proven to be an important tool for combating fraud, lowering the cost, and increasing the speed of loan underwriting. Without it, small businesses and lenders will have to rely on potentially inaccurate information and costly alternatives.
Read the full comment letter here.
ABOUT US
The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.