Code of Federal Regulations · Section
§ 536.404 — Setoffs Prohibited
31 C.F.R. § 536.404
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A setoff against blocked property (including a blocked account), whether by a U.S. bank or other U.S. person, is a prohibited transfer under § 536.201 if effected after the effective date.
Authorizing Statute
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General authority of the Secretary31 U.S.C. § 321
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Mode of recovery28 U.S.C. § 2461
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Termination of existing declared emergencies50 U.S.C. § 1601