Debit card program questioned
Introduction
The U.S. Treasury has decided to give consideration to employing a brand new merchant whenever a controversial cope with Comerica bank to issue debit cards to beneficiaries of federal programs expires in 2015.
Comerica comes with a contract that is exclusive issue Direct Express cards, which Treasury makes use of to supply Social Security as well as other advantageous assets to those who usually do not directlly deposit advantages into a banking account.
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Treasury chose to solicit fresh bids and start thinking about changing bank partners due to issues that have been first raised publicly in a written report week that is last the middle for Public Integrity, based on two different people with direct familiarity with the problem. They talked on condition of privacy in order to prevent souring their relationships with Treasury.
CPI stated that Comerica won the deal that is original 2008 by providing to supply the cards free of charge to taxpayers. About 2 yrs later, Treasury quietly amended the agreement to incorporate tens of millions in brand new re payments to Comerica. The lender had reported it originally agreed that it was having trouble profiting under the financial terms to which.
Treasury’s inspector general, its separate, interior watchdog, is probing the offer. One core concern: Treasury did not give consideration to other banking institutions when it included the settlement for Comerica. Comerica has gotten about $30 million in direct re payments from Treasury, based on testimony at a congressional hearing. The total amount will increase as more likely individuals join Direct Express cards.
The offer also attracted scrutiny through the Senate Special Committee on Aging. At last week’s hearing, Democrats from the committee grilled Richard Gregg, Treasury’s Fiscal Assistant Secretary, in regards to the deal’s lack of transparency and available competition.
Treasury’s special contracts with banking institutions hardly ever are placed away for competitive bidding—especially whenever a course is really as new as Direct Express. An even more typical example is Navy Cash, a method of stored-value cards and kiosks on vessels as well as other closed government areas. JPMorgan had been chosen to perform the system for a pilot basis in 1999. The Wall Street behemoth still holds the contract, well worth approximately $18 million per 12 months, after routine renegotiations plus one “re-designation” by Treasury in 2003.
CPI discovered that Treasury has forced individuals to utilize Direct Express, also if it exposed them to raised charges. The report additionally detailed the Treasury’s choice to offer Comerica tens of huge amount of money in payment which was maybe maybe not the main deal that is original.
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