Protection of Economic Impact Payments (EIPs) from Garnishment by Creditors: What are the Issues now Facing Financial Institutions?
With the U.S. Treasury Department now completing the process of issuing the third round of EIPs, financial institutions must navigate a maze of federal and state garnishment protections. After looking at the protection provided by the three federal pandemic relief laws, we discuss the actions states have taken to protect EIPs and offer our thoughts on the approach banks should take when responding to garnishment orders and analyzing the impact of state laws, executive orders, guidance, and directives.
Ballard Spahr Senior Counsel Alan Kaplinsky hosts the conversation joined by Lori Sommerfield, Of Counsel in the firm’s Consumer Financial Services Group.
A recording transcript will be available shortly
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