12 CFR Part 267 – Procedures for Debt Collection
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Terms Used In 12 CFR Part 267 - Procedures for Debt Collection
- Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
- Federal Reserve System: The central bank of the United States. The Fed, as it is commonly called, regulates the U.S. monetary and financial system. The Federal Reserve System is composed of a central governmental agency in Washington, D.C. (the Board of Governors) and twelve regional Federal Reserve Banks in major cities throughout the United States. Source: OCC
- Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Oath: A promise to tell the truth.
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
- Statute: A law passed by a legislature.
- Testify: Answer questions in court.