COUNSELOR’S CORNER By Robert Kardell, Baird Holm, LLP A Response to Federal Grand Jury Subpoenas, and When a Subpoena is Not Necessary The Right to Financial Privacy Act and the Subpoena Requirement1 The records of a financial institution can be key for federal criminal fraud investigations. Bank records are sometimes the first records sought and can prove income, spending, location, monetary transfers, connections to other individuals or companies, and much more. The sheer amount of intelligence contained in financial records makes such information a primary focus for law enforcement and investigations of all types. The Right to Financial Privacy Act2 (“RFPA”) protects all customer information by establishing requirements for the federal government to obtain a customer's financial records. The RFPA states a financial institution shall not release any such information unless the documents are in response to a validly issued subpoena or court order: No financial institution, or officer, employees, or agent of a financial institution, may provide to any Government authority access to or copies of, or the information contained in, the financial records of any customer except in accordance with the provisions of this chapter.3 The five types of valid requirements are: • A customer authorized disclosure; • An administrative subpoena or summons; • A search warrant; 22
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