March 14, 2011
Authored by: Bryan Cave
A new rule affecting the garnishment of accounts that contain federal benefit payments will go into effect May 1. Currently, banks are faced with difficult decisions when dealing with the garnishment of these accounts, which have occasionally led to liability for banks and potential hardships for depositors. By changing the procedures that banks must follow when they receive a garnishment, the new rule aims to remedy these problems and create workable solutions.
To help you sort out this new rule, the Georgia Bankers Association will host a telephone briefing, Interim Rule on Garnishments, on Thursday, March 28, at 2 p.m. Join Bill Custer and Julia Fenwick with Bryan Cave LLP, Atlanta, as they discuss how the new rule affects your organization and what your bank needs to be doing now to bring itself into compliance.
The presentation will include a brief discussion of the current state of garnishment law, a detailed look at the provisions of the new rule, and step-by-step instructions for banks to follow when implementing these new procedures. The registration fee is $49 for GBA members (and very reasonable for non-GBA members). Registration and more information is available online. If you have questions about the briefing, contact the GBA’s Courtenay Pope at 404.420.2015 or Susie McGehee at 404.420.2010.