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OCC Bulletin 2014-12
April 1, 2014
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Chief Executive Officers and Compliance Officers of National Banks, Federal Savings Associations, Federal Branches and Agencies, Department and Division Heads, All Examining Personnel, and Other Interested Parties
The Office of the Comptroller of the Currency (OCC) issued today the "Garnishment of Accounts Containing Federal Benefit Payments" booklet, which is new to the Comptroller's Handbook. The booklet contains interagency guidance and examination procedures.
On May 29, 2013, the Bureau of the Fiscal Service, U.S. Department of the Treasury; Social Security Administration; U.S. Department of Veterans Affairs; U.S. Railroad Retirement Board; and U.S. Office of Personnel Management adopted as final an interim rule to amend their regulation governing the garnishment of certain federal benefit payments that are directly deposited to accounts at financial institutions. The final rule was effective June 28, 2013.
The "Garnishment of Accounts Containing Federal Benefit Payments" booklet
This booklet applies to all national banks and federal savings associations. All national banks and federal savings associations, including community banks, should implement procedures to ensure that they appropriately address protected funds in their customers' accounts.
For further information, please contact your supervisory office or Compliance Policy at (202) 649-5470.
Grovetta N. Gardineer
Deputy Comptroller for Compliance Policy