May 14, 2020

Federal Debt Collection Practices Act

Federal Debt Collection Practices Act

Limitations Imposed by the Federal Debt Collection Procedures Act on Use of Pre-Judgment Remedies to Enforce Federal Administrative Agency Claims for Monetary Payments
      Marshall L. Small, 49(4): 1541–91 (Aug. 1994)
In 1992, the Office of Thrift Supervision filed notice of charges against the law firm of Kaye, Scholer, Fierman, Hays & Handler and issued an asset preservation or "freeze" order with respect to the assets of the firm and its partners. The Federal Debt Collection Procedures Act affords certain protection to debtors against whom federal administrative agencies seek prejudgment remedies, including asset preservation orders. This Article analyzes the general effect of that act on administrative agency powers and considers the extent to which special statutory authority granted to the bank regulatory agencies and the SEC may produce a different result.