Notice requirement where CFPB is creditor agency.

CFR · 2024-01-01 · US · Title 12

Where the Bureau seeks salary offset under 5 U.S.C. 5514 as the creditor agency, the Director shall first provide the employee with a written Notice of Intent to Offset at least 30 calendar days before salary offset is to commence. The Notice of Intent to Offset shall include the following information and statements: (a) That the Director has determined that a debt is owed to the Bureau, and the origin, nature, and amount of the debt; (b) That the Director intends to collect the debt by means of deduction from the employee's current disposable pay account; (c) The frequency and amount of the intended deduction, stated as a fixed dollar amount or as a percentage of disposable pay, not to exceed 15 percent of disposable pay; (d) That the Director intends to continue the deductions until the debt is paid in full or otherwise resolved; (e) The opportunity (under terms agreeable to the Director) to establish a schedule for the voluntary repayment of the debt or enter into a written agreement to establish a schedule for repayment of the debt in lieu of offset. The agreement must be in writing, signed by both the employee and the Director, and documented in the Bureau's files; (f) The Bureau's policy concerning interest, penalties, and administrative costs, including a statement that such assessments must be made unless excused in accordance with the FCCS or these regulations; (g) That the employee has the right to inspect and copy Bureau records not exempt from disclosure that rela

official document · source cfr-2024 · id 12:§ 1073.302