Garnishment Final Rule
A. PRA Assumptions for the Notice to Account Holders and the Record Keeping Requirement:
Number of garnishments annually 10 million
Percentage of garnishments issued on accounts with benefit payments 5%
Number of garnishments issued on accounts with dd of federal benefits 500,000
Percentage of garnishments issued on accounts having excess funds
beyond the protected amount 15%
Number of garnishments issued on accounts having excess funds 75,000
beyond the protected amount
Number of financial institutions – banks, credit unions…. 14,598
Estimate of time needed to produce the
notice (12 minutes) and save the notice electronically 15 minutes
(3 minutes)
Computation of burden hours
75,000 garnishments x 15 minutes = 18,750 burden hours
INFORMATION REQUIRED FOR THE FINAL RULE
Estimated total annual reporting burden: 18,750 hours
Estimated number of respondents: 14,598
Estimated average burden per respondent: 1.28 hours
| File Type | application/msword |
| Author | US Department of Treasury |
| Last Modified By | barbara wiss |
| File Modified | 2013-03-05 |
| File Created | 2013-03-05 |