Garnishment Rules Finalized With June 28 Effective Date: Audio Session Taking Place July 2; 60 Day Archive Included
The ruling on the garnishment of accounts containing federal benefit payments was recently finalized by the Treasury Department, Department of Veteran's Affairs, Social Security Administration, Railroad Retirement Board and the Office of Personnel Management with an effective date of June 28.
MCUL & Affiliates will offer an audio session on July 2 titled, “Responding to Subpoenas, Garnishments & Levies,” which will take place from 11 a.m.- noon (ET) to cover the recent changes. The session is hosted in cooperation with the Illinois Credit Union League.
An interim rule which established procedures that financial institutions have had to follow when they receive a garnishment order for an account holder has been in effect since May 1, 2011, but the final rule makes several revisions to the interim rule, including the definition of “garnishment order” which has been revised to include orders or levies issued by a State or State agency or municipality.
Responding to Subpoenas, Garnishments & Levies was originally scheduled as an audio session to be offered in September, but due to the final rule and effective date, the session has been moved to July 2. Credit unions are reminded that the audio event includes a 60-day complimentary archive, which is ideal for those who are busy the date and time of the webinar. To register or learn more, click here
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. Bryan Laviolette is the editor of Monitor. Contact him by email
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