Garnishments

wage garnishment document

We provide support to confirm that your garnishment practices aren't heightening financial, regulatory, or reputational risk for your bank.

No one wants to face the financial penalties, reputational harm, or other consequences of mishandling garnishments.

But staying on top of the regulations is demanding. Laws vary by jurisdiction and can change, you must manage each garnishment order accurately and on time, and you have to accommodate the rights of creditors and your customers.

But sometimes, you're short on staff, expertise, and time for such an intense and complicated task.

That's why it's a smart move to partner with TCA Compliance.

We devote our expertise and time to reviewing your garnishment policies and practices in detail.

In addition to advising you on what to do to pass your next exam, we recommend ways to make your daily process more efficient, effective, and less painful.

During our reviews, we follow the procedures that your bank examiner will follow.

That includes assessing your approach to handling new garnishment orders, identifying your approach's risks, and recommending other, better options.

Also, reviewing your technology can reveal whether your current software is helping or hindering you in managing your garnishment responsibilities.

In addition, we evaluate whether you're making the correct calculations, withholding the proper amounts, and if you're dispersing the money to the right creditors on time.

How you protect customers’ privacy and data, whether you’re treating them fairly, and if your long-term record-keeping is sufficient to satisfy regulators are also part of our work.

In appraising your garnishment procedures, TCA's A Better Way helps you reduce your risk exposure.

Key deliverables include:

  • Evaluating your policies and procedures for managing garnishment orders.
  • Ensuring that you respect customers' rights.
  • Sharing the latest regulatory changes at the federal and state level that affect your bank.
  • Offering advice on streamlining your garnishment approach.

Additional Compliance Topics

adjustable rate mortgage

“ARM” Yourself for Volume Increase and Avoid Common Compliance Pitfalls

By | November 2, 2023

Part 3 of a 3 Part Series In our last article we recapped items necessary to comply with the Ability-to-Repay (ATR) and Qualified Mortgage (QM) requirements when underwriting the loan. Compliance with Regulation Z does not stop at origination. This article recaps the servicing requirements for ARM loans. Loan Servicing and The Bank’s Core System …

“ARM” Yourself for Volume Increase and Avoid Common Compliance Pitfalls Read More »

new rules chalk on chalkboard

Corporate Transparency Act Implementation

By | October 24, 2023

FinCEN has published a flurry of Beneficial Ownership information in the last two weeks which has led many financial institutions to question how any of this information applies to them, and how their account opening processes will be affected by the new rule going into effect on January 1, 2024. The good news for financial …

Corporate Transparency Act Implementation Read More »

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Regulatory Updates – Third Quarter 2023

By | October 10, 2023

Below is a link to the Regulatory Updates as of the end of Q3. TCA provides A Better Way for you to track Compliance updates and keep your organization on track. You can download the updates in a PDF form here. As always, TCA is here to help with A Better Way to answer all …

Regulatory Updates – Third Quarter 2023 Read More »

adjustable rate mortgage

“ARM” Yourself for Volume Increase and Avoid Common Compliance Pitfalls

By | August 16, 2023

Part 2 of a 3 Part Series In our last article, TCA recapped items necessary for origination and proper disclosure of ARM Loans. In this second article, we will review the requirements for complying with underwriting requirements unique to Adjustable-Rate Mortgages. Underwriting ARM Loans While banks are required to comply with the Ability-to-Repay standards in …

“ARM” Yourself for Volume Increase and Avoid Common Compliance Pitfalls Read More »

update, upgrade, to update-1672349.jpg

Regulatory Updates – Second Quarter 2023

By | July 24, 2023

Below is a link to the Regulatory Updates as of the end of Q2. TCA provides A Better Way for you to track Compliance updates and keep your organization on track. You can download the updates in a PDF form here. As always, TCA is here to help with A Better Way to answer all …

Regulatory Updates – Second Quarter 2023 Read More »

adjustable rate mortgage

“ARM” Yourself for Volume Increase and Avoid Common Compliance Pitfalls

By | June 30, 2023

Part 1 of a 3 Part Series For many years, we have experienced a low interest rate environment and originated predominantly fixed rate mortgages. Well times are changing – with the increase in interest rates, the popularity of Adjustable-Rate Mortgages is gaining momentum. We might be a little “rusty” in the process of originating and …

“ARM” Yourself for Volume Increase and Avoid Common Compliance Pitfalls Read More »

Do You Need Compliance Help?

We’re here to review your current compliance strategy and help you find A Better Way to manage risk.

Phone

800-934-REGS

Email for Non-Confidential Information Only

[email protected]

Office Location

2021 Midwest Road, Suite 200,
Oak Brook, IL 60523

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