CFR > Title 31 - Money and Finance: Treasury > SUBTITLE B—Regulations Relating to Money and Finance > CHAPTER II—FISCAL SERVICE, DEPARTMENT OF THE TREASURY (parts 200 to 391) > SUBCHAPTER B—BUREAU OF THE PUBLIC DEBT (parts 306 to 391) > PART 321—PAYMENTS BY BANKS AND OTHER FINANCIAL INSTITUTIONS OF UNITED STATES SAVINGS BONDS AND UNITED STATES SAVINGS NOTES (FREEDOM SHARES) > SUBPART E—Losses Resulting From Erroneous Payments (§321.15 to §321.21) > 321.15—Liability for losses.

321.15—Liability for losses.

Under the governing statute, as amended (31 U.S.C. 3126(a) ), an agent cannot be relieved of liability for a loss resulting from an erroneous payment unless the Secretary of the Treasury can make a determination that the loss resulted from no fault or negligence on the agent's part.