Regulations last checked for updates: Nov 23, 2024

Title 12 - Banks and Banking last revised: Nov 20, 2024
§ 313.21 - Definitions.

(a) Administrative offset means withholding funds payable by the United States to, or held by the United States for, a person to satisfy a debt.

(b) Person includes a natural person or persons, profit or nonprofit corporation, partnership, association, trust, estate, consortium, or other entity which is capable of owing a debt to the United States Government except that agencies of the United States, or any state or local government shall be excluded.

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 313.21