Circular
Comments Requested on Statement Regarding Garnishment of Federal Benefit Funds
September 20, 2007
Circular No. 11897

The federal financial regulatory agencies have requested public comment on a proposed statement encouraging federally regulated financial institutions to follow best practices to protect federal benefit payments from garnishment orders.

The proposed statement lists best practices followed by financial institutions andĀ invites suggestions on other practices the agencies should consider. The statementĀ encourages financial institutions to stay apprised of any future guidance issued by the Social Security Administration or Department of Veterans Affairs regarding garnishment practices and of developments in the courts in their jurisdiction regarding garnishment practices.

See the press release for full details.

Press release OFFSITE