Regulatory Alerts2013-10-30
Added · Updated
CA 13-16: Interagency Examination Procedures for Garnishment of Accounts Containing Federal Benefit Payments Rule
The Board of Governors of the Federal Reserve System issued Consumer Affairs Letter CA 13-16 to provide interagency examination procedures for the Garnishment of Accounts Containing Federal Benefit Payments Rule. This guidance directs examiners to evaluate state member banks' compliance with 31 CFR Part 212, which implements statutory restrictions on garnishing accounts holding direct deposits of certain federal benefit payments. The attached procedures outline the specific steps and narrative discussions necessary for assessing institutional adherence to these consumer protection requirements.
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