Financial institutions have been implementing new regulations through board-approved policies for decades. As existing regulations are revised and new regulations are published existing polices need to be updated. Policy Updates are designed to simplify the task of updating existing policies, regardless of where the existing requirement is lodged.
The Garnishment Rules Policy Update communicates the Board’s intent to comply with the Garnishment rules issued under 31 CFR 212 that apply to a garnishment order against an account holder into whose account a Federal benefit payment has been directly deposited.
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