Code of Federal Regulations · Section
§ 313.98 — Ending Garnishment
12 C.F.R. § 313.98
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(a) Once the FDIC has fully recovered the amounts owed by the debtor, including interest, penalties, and administrative costs consistent with the FCCS, the FDIC will send the debtor's employer notification to discontinue wage withholding.
(b) At least annually, the FDIC will review its debtors' accounts to ensure that garnishment has been terminated for accounts that have been paid in full.
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