My bank is seeking guidance on the account review requirements under 31 CFR Part 212, Garnishment of Accounts Containing Federal Benefit Payments.

The definition of a “lookback period” is tied to the date of the account review itself, regardless of whether the review was completed within the prescribed timeframe. A financial institution’s delay in performing the review does not require it to extend the lookback period beyond the two-month period established by regulation.

Under 31 CFR 212.3, the “lookback period” is defined as “the two-month period that begins on the date preceding the date of account review and ends on the corresponding date of the month two months earlier, or on the last date of the month two months earlier if the corresponding date does not exist.” This means that the institution must measure the lookback period from the date the account review is performed.

In addition, although the regulation generally requires institutions to conduct the account review within two business days of receiving the garnishment order, it also provides a limited exception under certain circumstances. § 212.5(a). Specifically, in cases where “the financial institution is served a batch of a large number of orders,” it may perform an account review “by a later date that may be permitted by the creditor that initiated the orders, consistent with the terms of the orders.” § 212.5(a)(2).

Because the regulatory definition of “lookback period” is linked to the date the account review is actually performed and not to the date of receipt of the garnishment order, an institution should not extend the lookback period solely because of a delay in the account review following the garnishment order.

(July 2026)