New garnishment booklet added to Comptroller's Handbook

The OCC's Bulletin 2014-12 has announced the addition of a "Garnishment of Accounts Containing Federal Benefit Payments" booklet to the Comptroller's Handbook. The new booklet addresses requirements of the Treasury Department's Fiscal Service regulations, which—

• establish procedures that financial institutions must follow when they receive a garnishment order against an account holder who receives certain types of federal benefit payments by direct deposit and
• require financial institutions that receive such a garnishment order to determine the sum of such federal benefit payments deposited to the account during a two-month period and ensure that the account holder has access to an amount equal to that sum or to the current balance of the account, whichever is lower.