Banks have received guidance from regulators about how much money in their customers’ accounts is protected from recovery by creditors under the state’s Exempt Income Protection Act (EIPA), in light of a recent minimum wage increase in New York state.
A memo circulated by state Department of Financial Services (DFS) Superintendent Maria Vullo on Tuesday instructed banks that they must continue to use “due diligence” in attempting to determine if portions of their depositors’ accounts are shielded under the EIPA. The act protects accounts with basic maintenance funds such as pensions, government benefits and some income from being frozen by debt collectors and creditors.
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