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Garnishment Order Compliance for Financial Institutions

Learn the best practices to ensure that these critical requirements for financial institutions are considered when a garnishment order is received for a customer's accounts.

Federal regulations impose strict and very detailed requirements for financial institutions to follow when receiving a garnishment order against a customer's deposit account. The institution must perform an 'account review,' identify whether certain federal benefit payments were directly deposited into the account during a designated 'lookback period,' and protect those benefit payments from garnishment. Failure to follow the exact requirements of the regulation can significantly impact an institution. This material will provide a detailed step-by-step process for complying with the regulation, and will address specific issues and concerns that financial institutions have faced since the regulation took effect in 2011.

Runtime: 88 minutes
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Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • Purpose of the Regulation
  • Summary of the Regulation

Types of Orders and Legal Process That Are Deemed a "Garnishment Order"

  • Generally
  • Orders Issued by State Agencies
  • Orders Issued by Attorneys

Federal Benefit Payments Subject to the Regulation

  • Types of Protected Federal Benefit Payments
  • How to Identify Protected Federal Benefit Payments

Procedure to Follow Upon Receipt of a Garnishment Order

  • Garnishment Orders From the United States or a State Child Support Enforcement Agency
    • IRS Levies
  • Account Review
    • Determine Lookback Period
    • Determine Protected Amount
  • Notice to Account Holder
  • Imposition of Fee
  • Specific Examples

Additional Key Provisions

  • Record Retention
  • Interplay With State Laws
  • Enforcement of Regulation
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Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on November 30, 2017.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • GA CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

  • Arizona CLE 1.5
     
  • CA MCLE 1.5
     
  • CT CLE 1.5
     
  • HI CLE 1.5
     
  • IL CLE 1.5
     
  • ME CLE 1.5
     
  • MT CLE 1.5
     
  • NJ CLE 1.8
     
  • NV CLE 1.5
     
  • NY CLE 1.5 including Areas of Professional Practice 1.5
     
  • VT CLE 1.5
     
  • WA CLE 1.5
     
  • WV MCLE 1.8
     
The CLE Code is ONLY a requirement when applying for CLE Credit in California (for participatory credit), Kansas, New Jersey or New York. Other states do not need to supply the CLE Code to apply for CLE credit.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 31 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Elizabeth Murphy

Elizabeth Murphy

Cullen and Dykman LLP

  • Associate with Cullen and Dykman LLP, Garden City, New York
  • Advises financial institutions on regulatory and compliance matters
  • Assisted in preparation of articles on financial institution regulatory and compliance matters in the Journal of Taxation and Regulation of Financial Services Companies and Bloomberg BNA’s Banking Portfolio Series
  • Can be contacted at 516-296-9154 or [email protected]
Joseph Simon

Joseph Simon

Cullen and Dykman LLP

  • Partner with Cullen and Dykman LLP, Garden City, New York
  • Advises financial institutions on regulatory and compliance matters
  • Presented seminars and webinars for the New York Bankers Association, the New Jersey Bankers Association, bank compliance groups, and national continuing legal educational providers
  • Recipient of a JD Supra Reader’s Choice Award in both 2016 and 2017 for being one of the top authors in the country with respect to readership and engagement in the area of Banking/Financial Services
  • Written articles on financial institution regulatory and compliance matters in the Journal of Taxation and Regulation of Financial Services Companies and Bloomberg BNA’s Banking Portfolio Series
  • Can be contacted at 516-357-3710 or [email protected]
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Product ID: 400414
Published 2017
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