BankNewswatch

Garnishments of Federal Benefit Payments: What a Banker Needs to Know

Tuesday, February 14th, 2023 10:00 am - 12:00 pm

A BankWebinars.com Program

Click Here to register for live program $279

Click Here to register for live program and recording $419

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.

Topics

  • 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

Faculty

Terri D. Thomas, JD

Terri D. Thomas, JD is the Director of the Kansas Bankers Association Legal Department, which specializes in providing compliance and legal assistance to Kansas banks.

Terri has worked with financial institutions for over thirty-nine years in various capacities. Most notably, she served for fourteen years as in-house legal counsel and trust officer for Bank of America and its Kansas predecessors. She has also served as a trust department manager and branch manager.