12 CFR 1408.24 - Waiver of procedural requirements.

Regulations last checked for updates: Nov 24, 2024

Title 12 - Banks and Banking last revised: Nov 20, 2024

View all text of Subpart B [§ 1408.20 - § 1408.27]

§ 1408.24 - Waiver of procedural requirements.

(a) The Corporation may impose offset against a payment to be made to a debtor prior to the completion of the procedures required by this part, if:

(1) Failure to impose the offset would substantially prejudice the Government's ability to collect the debt; and

(2) The timing of the payment against which the offset will be imposed does not reasonably permit the completion of those procedures.

(b) The procedures required by this part shall be complied with promptly after the offset is imposed. Amounts recovered by offset, which are later found not to be owed to the Government, shall be promptly refunded to the debtor.

authority: Sec. 5.58 of the Farm Credit Act (12 U.S.C. 2277a-7); 31 U.S.C. 3701-3719; 5 U.S.C. 5514; 4 CFR parts 101-105; 5 CFR part 550

source: 59 FR 24899, May 13, 1994, unless otherwise noted.

cite as: 12 CFR 1408.24