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Course Details

Garnishment Order Compliance For Financial Institutions

Webinar: ID# 1026470
Recorded CD
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Garnishment Order Compliance For Financial Institutions
About This Course:
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
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Garnishment Order Compliance For Financial Institutions
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