§313.23. Offset prior to completion of procedures.
12 C.F.R. § 313.23
The FDIC may collect a debt by administrative offset prior to the completion of the procedures described in § 313.25, if:
Failure to offset a payment would substantially prejudice the FDIC's ability to collect the debt; and
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.
Notes, amendments, and revision history
Authority
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
Source: 67 FR 48527, July 25, 2002, unless otherwise noted.