From the Archives: August 2013

NCUA Regulatory Alert Garnishment of Accounts Containing Benefit Payments 

In light of the June 28th effective date of the final rule adopted by the “federal agencies” on the garnishment of accounts containing federal benefit payments, the NCUA issued Regulatory Alert 13-RA-04, which supersedes and replaces Regulatory Alert 11-RA-04. The guidance was issued by the NCUA to assist credit unions in complying with the new requirements.

The Regulatory Alert includes what benefits are covered, what actions are required, what disclosures may be required, what other provisions may apply and what guidance is available.

The Regulatory Alert can be found here.

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