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FISCALRulemakingFISCAL-FMS-2010-0002

Garnishment of Accounts Containing Federal Benefit Payments

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Credit Union National Association filings
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Credit Union National Association filed 1 comment on this docket between Jun 18, 2010 and Jun 18, 2010. 1 other organizations filed here. The comment window closed 5884d ago.

What Credit Union National Association filed (1)

Jun 18, 2010· Comment from Jeffrey Bloch, Credit Union National Association· FISCAL-FMS-2010-0002-0047

To Whom it May Concern: Please accept the attached comments from the Credit Union National Association in response to the proposal on garnishment of accounts containing Federal benefit payments, which was issued by the Office of Personnel Management (RIN 3206-AM17), Railroad Retirement Board (RIN 3220-AB63), Social Security Administration (RIN 0960-AH18), Department of the Treasury/Fiscal Service (RIN 1505-AC20), and the Department of Veteran Affairs (RIN 2900-AN67). Sincerely, Jeffrey Bloch Senior Assistant General Counsel

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Abstract

Treasury, SSA, VA, RRB and OPM (Agencies) are publishing for comment a proposed rule to implement statutory restrictions on the garnishment of Federal benefit payments. The Agencies are taking this action in response to recent developments in technology and debt collection practices that have led to an increase in the freezing of accounts containing Federal benefit payments. The proposed rule would establish procedures that financial institutions must follow when a garnishment order is received for an account into which Federal benefit payments have been directly deposited. The proposed rule would require financial institutions that receive a garnishment order for an account to determine whether any Federal benefit payments were deposited to the account within 60 calendar days prior to receipt of the order and, if so, would require the financial institution to ensure that the account holder has access to an amount equal to the sum of such payments in the account or to the current balance of the account, whichever is lower.

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