By accepting recurring federal benefit payments, your institution has agreed to satisfy certain requirements and obligations that you may not realize. For instance, your institution must protect a specific amount of federal benefit payments from certain garnishments and levies, and possibly from your institution’s right of setoff. Further, your institution is obligated to reimburse the federal government in accordance with its reclamation process even if the federal benefit payments have been withdrawn from the account. This webinar will examine the procedures mandated by the federal government and will explain how to calculate the amount of federal benefit payments that must be protected. Learn the steps that your institution must take to reduce your risk of loss in the federal government’s reclamation process.
- Which federal benefit payments are covered by these special rules?
- What are the mandated procedures for accounts receiving federal benefit payments?
- Learn to calculate the amount of federal benefit payments that you must protect
- What is the difference between a representative payee and a power of attorney?
- When is your institution required to reimburse the federal government for federal benefit payments?
- When can your institution set off an account containing federal benefit payments?
- Green Book – Guide to Federal ACH Payments
- Official Guidelines for Garnishment of Accounts Containing Federal Benefit Payments
- Employee training log
- Quiz you can administer to measure staff learning and a separate answer key
WHO SHOULD ATTEND?
This informative session will be useful to all deposit operations personnel, account service representatives, compliance personnel, collection personnel, auditors, attorneys, and managers.
PLEASE NOTE: The live webinar option allows you to have one telephone connection for the audio portion and one Internet connection (from a single computer terminal) to view online visuals as the presentation is delivered. You may have as many people as you like listen from your office speaker phone.
ABOUT THE PRESENTER – Elizabeth Fast, JD, CPA, Spencer Fane LLP
Elizabeth Fast is a partner with Spencer Fane LLP where she specializes in the representation of financial institutions. Elizabeth is the head of the firm’s training division. She received her law degree from the University of Kansas and her undergraduate degree from Pittsburg State University. In addition, she has a Master of Business Administration degree and she is a Certified Public Accountant. Before joining Spencer Fane, she was General Counsel, Senior Vice President, and Corporate Secretary of a $9 billion bank with more than 130 branches, where she managed all legal, regulatory, and compliance functions. She is a member of the Missouri State Banking Board by appointment of the Governor.
Originally recorded on July 13, 2018.
Recorded webinar link is available until January 31, 2018.
Free Digital Copy included with purchase to download and view beyond link expiration date.
Price includes sales tax.