Handling garnishments containing federal benefit payments
If you are involved in the garnishment process, this recorded webinar covers regulatory requirements you should know.
Financial institutions are required to have processes in place to ensure Federal benefit funds deposited during the lookback period are protected. The Federal Deposit Insurance Corporation includes garnishments containing Federal benefit payments in their compliance examination testing. Ensuring staff understand how to avoid garnishing protected funds, notice requirements, and the other garnishment requirements regarding Federal benefit payments is an important part of your compliance program.
The webinar included:
- Account review and lookback period
- Process for identifying and calculating protected funds
- Garnishment fee restrictions
- Notice to account owner content requirements
- Safe harbors for financial institutions
Who should listen to this recorded webinar: Staff with garnishment responsibilities, compliance officers, and legal
Access the Q&A here.
