12 CFR 313.23 - Offset prior to completion of procedures.

Regulations last checked for updates: Jun 17, 2024

Title 12 - Banks and Banking last revised: Jun 11, 2024

View all text of Subpart B [§ 313.20 - § 313.39]

§ 313.23 - Offset prior to completion of procedures.

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.

authority: 5 U.S.C. 5514; 12 U.S.C. 1818(i), 1819(a); Pub. L. 104-134, 110 Stat. 1321 (31 U.S.C. 3701,3711,3716

source: 67 FR 48527, July 25, 2002, unless otherwise noted.

cite as: 12 CFR 313.23