BankNewswatch

Federal Benefit Payments Garnishment Requirements

September 8th

10:00 am Central Time Zone.  A BankWebinars.com Program

Click Here to register for live programs $265

Click Here to register and receive recording $395*

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 will also apply to the processing of state tax levies and warrants.

Covered Topics

  • A general review of the requirements for processing garnishments and state tax levies under the rule;
  • The special terminology that applies;
  • The detailed steps financial institutions need to take when processing garnishment and levy requests;
  • Examples of how the rules impact garnishment and levy answers, and hold amounts;
  • Model language and sample forms that can be used when providing notice pursuant to the rules.

Faculty

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.

* Registration Plus Recording: Includes the live session (one connection, unlimited attendees), CD ROM, (shipped 7-10 business days after live session), unlimited access to OnDemand Playback and links to presenter materials and supplementary handouts for 6 months after live session.