Code of Federal Regulations · Section
§ 313.23 — Offset Prior To Completion Of Procedures
12 C.F.R. § 313.23
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The FDIC may collect a debt by administrative offset prior to the completion of the procedures described in § 313.25, if:
(a) Failure to offset a payment would substantially prejudice the FDIC's ability to collect the debt; and
(b) The time before the payment is to be made does not reasonably permit completion of the procedures described in § 313.25. Such prior offsetting shall be followed promptly by the completion of the procedures described in § 313.25.
Authorizing Statute
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Termination of status as insured depository institution12 U.S.C. § 1818
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Installment deduction for indebtedness to the United States5 U.S.C. § 5514
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Definitions and application31 U.S.C. § 3701