Processing Garnishments on Accounts Containing Federal Benefits Payments
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 Rule on the Garnishment of Accounts Containing Federal Benefit Payments.
This rule supersedes the laws of many states pertaining to how financial institutions process garnishments. It also impacts the processing of state and local tax warrants served on deposit customer accounts.
Participants will learn about the federal requirements and best practices used in processing garnishments on accounts containing federal benefit payments, as well as the areas where violations occur.
