Ask Reggi Your Question Now
Can you summarize 12 CFR Part 267?
BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM > PROCEDURES FOR DEBT COLLECTION
Short Summary
This part of the Code of Federal Regulations establishes the procedures for the collection of certain debts owed to the United States by persons, organizations, or entities. It applies to collections by the Board of Governors of the Federal Reserve System, except for debts that are exclusively provided for or prohibited by another statute or applicable regulation, or debts of current Board employees or other debtors where the Board has chosen to proceed solely under its existing internal debt collection policy. The part does not limit or affect the Board’s authority under 12 U.S.C. 244 and 12 U.S.C. 248. The Board may also collect debts through other legally-available means and engage in litigation as provided under 12 U.S.C. 248(p), 1818(i), or any other applicable law. When collecting a debt using the procedures under these regulations, the Board shall also follow the procedures set forth in 31 CFR part 285 and the Federal Claims Collection Standards (FCCS) for the collection of debts owed to the United States. The part does not preclude the compromise, suspension, or termination of collection actions under standards implementing the Debt Collection Improvement Act (DCIA), the FCCS, or any other applicable law. It does not create any right or benefit enforceable against the United States or its agencies, officers, or any other person. It also does not permit a debtor to collaterally attack a final administrative decision or a judgment by a competent court.
Whom does it apply to?
Collections by the Board of Governors of the Federal Reserve System, except for debts that are exclusively provided for or prohibited by another statute or applicable regulation, or debts of current Board employees or other debtors where the Board has chosen to proceed solely under its existing internal debt collection policy
What does it govern?
Procedures for the collection of certain debts owed to the United States by persons, organizations, or entities
What are exemptions?
None specified
What are the Penalties?
None specified
Jurisdiction
U.S. Federal Government