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Code of Federal Regulations (Last Updated: May 6, 2024) |
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Title 12 - Banks and Banking |
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Chapter VII - National Credit Union Administration |
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SubChapter B - Regulations Affecting the Operations of the National Credit Union Administration |
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Part 797 - Procedures for Debt Collection |
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Subpart B - Administrative Offset |
§ 797.5 - Authority and scope.
Latest version.
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§ 797.5 Authority and scope.
NCUA may collect a debt owed to the federal government from a person, organization, or other entity by administrative offset, pursuant to 31 U.S.C. 3716, where:
(a) The debt is certain in amount;
(b) Administrative offset is feasible, desirable, and not otherwise prohibited;
(c) The applicable statute of limitations has not expired; and
(d) Administrative offset is in the best interest of the federal government.