This part establishes Board procedures for the collection
of certain debts owed to the United States.
(a) Except as provided
in paragraph (b) of this section, this part applies to collections
by the Board from persons, organizations, or entities indebted to
the United States.
(b) This part does not apply to any debts
whose collection is exclusively provided for or prohibited by another
statute or applicable regulation, or to any debt of a current Board
employee or other debtor where the Board has chosen to proceed solely
under its existing internal debt collection policy. This part does
not in any way limit or affect the Board’s authority under 12 U.S.C.
244 and 12 U.S.C. 248. Nothing in this part precludes the collection
of debts through any other legally-available means, or precludes the
Board from engaging in litigation as provided under 12 U.S.C. 248(p),
1818(i), or any other applicable law.
(c) When the Board determines
to collect a debt using the procedures under these regulations, in
addition to the procedures set forth in this part and subject to paragraph
(b) of this section, the Board shall also follow, as applicable, the
procedures set forth in 31 CFR part 285 and the Federal Claims Collection
Standards (FCCS) (31 CFR chapter IX and parts 900 through 904) for
the collection of debts owed to the United States.
(d) Nothing
in this part precludes the compromise, suspension, or termination
of collection actions, where appropriate, under standards implementing
the Debt Collection Improvement Act (DCIA) (31 U.S.C. 3711 et seq.), the FCCS, or any other applicable law, including rules, regulations,
and policies adopted by the Board pursuant to authority granted to
it under the Federal Reserve Act.
(e) Nothing in this part
shall create any right or benefit, substantive or procedural, enforceable
at law or in equity by a party against the United States, its agencies,
its officers, or any other person, nor shall the Board’s failure to
comply with any of the provisions of this part be available to any
debtor as a defense. Nothing in this part shall permit a debtor to
collaterally attack a final administrative decision rendered under
any other applicable statute or regulation, or a judgment by a competent
court.
