Garnishment of Accounts Containing Federal Benefit Payments

Activity

American Bankers Association filed 1 comment on this docket between May 26, 2011 and May 26, 2011. 0 other organizations filed here. The comment window closed 5544d ago.

What American Bankers Association filed (1)

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.

• American Bankers AssociationTHIS ORG

  1 filing · confidence 97%