Learn the best practices to ensure that these critical requirements for financial institutions are considered when a garnishment order is received for a customer's accounts.
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.
Learning Objectives:
- You will be able to review the summary and purpose of the regulation.
- You will be able to discuss types of orders and legal process that are deemed a ‘garnishment order'.
- You will be able to identify federal benefit payments subject to the regulation.
- You will be able to explain the procedure to follow upon receipt of a garnishment order.
This Live Webinar Covers These Hot Issues:
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
Credit Information (Sponsored by Lorman Education Services)
- CLE
- CPE
- NASBA
For Detailed Credit Information page
click here
Only registered attendee will receive continuing education credit.
Faculty
Elizabeth Murphy, Cullen and Dykman LLP
- 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
- Can be contacted at 516-296-9154 or emurphy@cullenanddykman.com
Joseph Simon, Cullen and Dykman LLP
- 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
- Can be contacted at 516-357-3710 or jsimon@cullenanddykman.com
(Not available outside the US)