12 CFR 1408.40

§ 1408.40 Refunds.

United States · 12 CFR — Banks and Banking · Status: effective

Cite this

Citation: 12 CFR 1408.40, § 1408.40 Refunds, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/51142
Permanent ID: ys:prov:51142@1
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Full text

(a) In instances where the Corporation is the creditor agency, it shall promptly refund any amounts deducted under the authority of 5 U.S.C. 5514 when: (1) The debt is waived or otherwise found not to be owed to the United States (unless expressly prohibited by statute or regulations); or (2) An administrative or judicial order directs the Corporation to make a refund. (b) Unless required or permitted by law or contract, refunds under this section shall not bear interest.

Legislative history

This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.