This part applies to:

(a) Entities. All financial institutions, as defined in § 212.3.

(b) Funds. Federal benefit payments protected from garnishment pursuant to the following authorities:

(1) SSA benefit payments protected under 42 U.S.C. § 407 and 42 U.S.C. § 1383(d)(1);

(2) VA benefit payments protected under 38 U.S.C. § 5301(a);

(3) RRB benefit payments protected under 45 U.S.C. § 231m(a) and 45 U.S.C. § 352(e); and

(4) OPM benefit payments protected under 5 U.S.C. § 8346 and 5 U.S.C. § 8470.