From the Archives: June 2013

JOINT AGENCY ACTIONS: Garnishment Regulation Changes 

Credit unions need to be aware of significant changes that have been made final to the garnishment rule that are effective June 28 and were approved by the Treasury Department, Social Security Administration, Department of Veterans Affairs, Railroad Retirement Board, and the Office of Personnel Management. The final rule amends garnishment of accounts containing federal benefit payments. The amendments make two changes that credit unions should review:

The rule also includes changes to identifying federal benefit payments and requirements for collecting a garnishment fee.

Federal and State regulatory Issues

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