OCC Issues Booklet On Wage Garnishment

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Explore:  OCC Wage Garnishment Wages

On April 1, the OCC issued a booklet titled “Garnishment of Accounts Containing Federal Benefit Payments.” The booklet, a new addition to the Comptroller’s Handbook, includes interagency guidance and examination procedures and reflects a June 2013 interim rule that amended federal regulations governing the garnishment of certain federal benefit payments that are directly deposited to accounts at financial institutions. The booklet (i) establishes procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of federal benefit payments by direct deposit; and (ii) requires financial institutions that receive such a garnishment order to determine the sum of such federal benefit payments deposited to the account during a two-month period and ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower.

Topics:  OCC, Wage Garnishment, Wages

Published In: Administrative Agency Updates, Finance & Banking Updates, Labor & Employment Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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