12 CFR 313.97
§ 313.97 Financial hardship.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 313.97, § 313.97 Financial hardship, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/46341
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Full text
(a) A debtor whose wages are subject to a wage withholding order under this section, may, at any time, request a review by the FDIC of the amount garnished, based on materially changed circumstances such as disability, divorce, or catastrophic illness which result in financial hardship.
(b) A debtor requesting a review under this section shall submit the basis for claiming that the current amount of garnishment results in a financial hardship to the debtor, along with supporting documentation.
(c) If a financial hardship is found, the FDIC will downwardly adjust, by an amount and for a period of time agreeable to the FDIC, the amount garnished to reflect the debtor's financial condition. The FDIC will notify the employer of any adjustments to the amounts to be withheld.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.