§ 313.23 Offset prior to completion of procedures.
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Title 12—Banks and Banking > CHAPTER III—FEDERAL DEPOSIT INSURANCE CORPORATION > SUBCHAPTER A—PROCEDURE AND RULES OF PRACTICE > PART 313—PROCEDURES FOR COLLECTION OF CORPORATE DEBT, CRIMINAL RESTITUTION DEBT, AND CIVIL MONEY PENALTY DEBT > Subpart B—Administrative Offset
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The FDIC may collect a debt by administrative offset prior to the completion of the procedures described in § 313.25, if:
(a) Failure to offset a payment would substantially prejudice the FDIC's ability to collect the debt; and
(b) The time before the payment is to be made does not reasonably permit completion of the procedures described in § 313.25. Such prior offsetting shall be followed promptly by the completion of the procedures described in § 313.25.
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