Federal Benefit Payments Garnishment Requirements
On May 29, 2013, the U.S. Department of Treasury, along with several federal agencies, including the Social Security Administration, the Department of Veterans Affairs, the Railroad Retirement Board, and the Office of Personnel Management, published the Final Rule on the Garnishment of Accounts Containing Federal Benefit Payments.
The final rule not only supersedes state laws pertaining to how financial institutions process garnishments, but will also apply to state tax levies and warrants.
- A general review of the requirements for processing garnishments and state tax levies under the final rule
- The special terminology that applies
- The detailed steps financial institutions need to take when processing garnishment and levy requests
- Examples of how the rules impact garnishment and levy answers, and hold amounts
- Model language and sample forms that can be used when providing notice pursuant to the rules
Compliance officers, legal counsel and financial institution personnel who process garnishment answers
Terri D. Thomas is Senior VP and Legal Department Director for the Kansas Bankers Association. Prior to this, she was with “Bankers Choice,” a financial consulting firm. Before this, Terri was employed in the financial industry for over twenty-three years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. Receiving her Bachelor of Arts degree from Kansas State University in 1985, Terri continued her education at Washburn University School of Law and obtained her Juris Doctor in 1988.
Presently, she serves as an adjunct instructor at Washburn University School of Law and the University of Kansas School of Law and is a frequent seminar presenter for financial associations.
Institute of Certified Bankers: Visit http://www.icbmembers.org/login.aspx for instructions regarding self-reporting. Estimated credits: 2.5 CE Credits
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