Garnishment of Accounts Containing Federal Benefit Payments

1 organizations filed 1 public comment on Garnishment of Accounts Containing Federal Benefit Payments, at the FISCAL. The comment window closed 5544d ago.

Abstract

Treasury, SSA, VA, RRB and OPM (Agencies) are issuing an interim final rule to implement statutory restrictions on the garnishment of Federal benefit payments. The rule establishes procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of Federal benefit payments by direct deposit. The rule requires financial institutions that receive such a garnishment order to determine the sum of such Federal benefit payments deposited to the account during a two month period, and to ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower.

Commenters (1)

• American Bankers Associationtrade assoc.

  1 filing · confidence 97%