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Course/Product Description
Title:

Garnishment Order Compliance For Financial Institutions

SKU:WC-1026470
Date / Time: Recorded
Format: Webinar
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Description:

Garnishment Order Compliance For Financial Institutions

Federal regulations impose strict and very detailed requirements for financial institutions to follow when receiving a garnishment order against a customer's deposit account. The institution must perform an ‘account review,' identify whether certain federal benefit payments were directly deposited into the account during a designated ‘lookback period,' and protect those benefit payments from garnishment.

Failure to follow the exact requirements of the regulation can significantly impact an institution. This material will provide a detailed step-by-step process for complying with the regulation, and will address specific issues and concerns that financial institutions have faced since the regulation took effect in 2011.

AGENDA

Overview

  • Purpose of the Regulation
  • Summary of the Regulation
Types of Orders and Legal Process That Are Deemed a "Garnishment Order"
  • Generally
  • Orders Issued by State Agencies
  • Orders Issued by Attorneys
Federal Benefit Payments Subject to the Regulation
  • Types of Protected Federal Benefit Payments
  • How to Identify Protected Federal Benefit Payments
Procedure to Follow Upon Receipt of a Garnishment Order
  • Garnishment Orders From the United States or a State Child Support Enforcement Agency
  • IRS Levies
  • Account Review
  • Determine Lookback Period
  • Determine Protected Amount
  • Notice to Account Holder
  • Imposition of Fee
  • Specific Examples
Additional Key Provisions
  • Record Retention
  • Interplay With State Laws
  • Enforcement of Regulation
About The Presenters

Elizabeth Murphy
  • Associate with Cullen and Dykman LLP, Garden City, New York
  • Advises financial institutions on regulatory and compliance matters
  • Assisted in preparation of articles on financial institution regulatory and compliance matters in the Journal of Taxation and Regulation of Financial Services Companies and Bloomberg BNA’s Banking Portfolio Series
Joseph Simon
  • Partner with Cullen and Dykman LLP, Garden City, New York
  • Advises financial institutions on regulatory and compliance matters
  • Presented seminars and webinars for the New York Bankers Association, the New Jersey Bankers Association, bank compliance groups, and national continuing legal educational providers
  • Recipient of a JD Supra Reader’s Choice Award in both 2016 and 2017 for being one of the top authors in the country with respect to readership and engagement in the area of Banking/Financial Services
  • Written articles on financial institution regulatory and compliance matters in the Journal of Taxation and Regulation of Financial Services Companies and Bloomberg BNA’s Banking Portfolio Series


Cannot Attend The Live Presentation?

This presentation is also available in a recorded format, in CD version, as shown in the pricing options below.

About Webcasts / Audio Conferences / Podcasts:

Webcasts, audio conferences, and podcasts are presentations that you attend via the Internet, phone, or mobile device at a specified date and time for "live" versions, or at your convenience for "recorded" and "On-Demand" versions.

The live versions are interactive, meaning that participants can ask questions in real time, plus are a very cost-effective form of training because 1) you receive fast, convenient learning without any out-of-office time; 2) you can invite as many colleagues as you'd like to listen in on a single phone line; 3) you incur no travel expenses; and 4) you and your colleagues are back at work immediately after the session ends!

And though with recorded versions you do lose the ability to ask questions, you gain the ability to hear the presentation numerous times and to share it with others in your office.

Handout materials and the phone number for live presentations are made available to you prior to the event via email from the presenter and from the "MyAccount" link on the menu bar. Copies of the presentations are included with recorded versions.

About The Provider: Lorman Education Services has provided educational seminars and online training for professionals since 1987.

Since then, we've kept thousands of professionals in the United States and internationally current on the most pressing topics in a rapidly changing marketplace of ideas. Like you, we understand the need for concise, accurate information.

That understanding underlies each Lorman course, presenting the latest information on the laws and regulations critical to your organization's successful daily operations.

Moreover, each course receives our painstaking attention to be certain both the faculty and participants receive the individual attention necessary to achieve maximum benefit from the materials.
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