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. The 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.

What You'll Learn

• Requirements for processing garnishments and state tax levies under the rule
• Terminology that applies
• The detailed steps financial institutions need to take when processing garnishment and levy requests
• Examples of how the rules impact garnishment
• Model language and sample forms when providing notice pursuant to the rules

Who Should Attend

Compliance officers, legal counsel, and financial institution personnel who process garnishment answers will benefit greatly from this course.