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Garnishment of accounts containing federal benefit payments

Banks have to follow very specific rules when they receive a garnishment order against an account holder who receives certain types of Federal benefit payments. This course will help you make sure your policies and procedures are compliant.
SKU: P2805EN
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On February 23, 2011, Treasury, Social Security Administration (SSA), Department of Veterans Affairs (VA), Railroad Retirement Board (RRB) and Office of Personnel Management (OPM) (Agencies) issued 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. This module will provide you with the information you need to know concerning the garnishment of accounts containing federal benefit payments.

This course includes an examination.

 

Learning Objectives:

  • Prepare your bank for a regulatory examination
  • Explain how regulatory agencies rate banks

Identify common concerns many banks have when it comes to complying with key regulatory areas

Course Outline:

  •  Garnishment Orders

o   Purpose

o   Protected benefits

o   Initial action

o   Account review

o   Rules and procedures to protect benefits

  • Providing Notice to the Account Holder

o   Notice requirement

o   Notice content

o   Optional notice content

o   Amending notice content

o   Notice delivery

o   Notice timing

o   Rules for multiple accounts

  • Relationship to Other Laws

o   Other Rights and Authorities

o   Preemption of State Law

o   Safe Harbor

  • Record Retention and Enforcement

 

Duration:

0.83EN

Features:

Audio, Hybrid

Module(s):

6280EN

Products specifications
Course Language English
Length Range 31 - 60 Minutes
Length (Hours) 1.00
Course Features Audio
Course Features Mobile
Module Number(s) 6280EN
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