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#517900 - 03/21/06 05:04 PM Right to Financial Privacy Act
LoveLending Offline
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I work for a company that services student loans for lenders. We frequently get subpoenas for records of the banks' customers. I know the banks are covered by RFPA, but does anyone know if we are? I've researched this and can't find anything.

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#517901 - 03/23/06 07:03 PM Re: Right to Financial Privacy Act
Andy_Z Offline
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This is best asked of counsel, but the RFPA defines a financial institutions as "“financial institution”, except as provided in section 3414 of this title, means any office of a bank, savings bank, card issuer as defined in section 1602 (n) of title 15, industrial loan company, trust company, savings association, building and loan, or homestead association (including cooperative banks), credit union, or consumer finance institution, located in any State or territory of the United States, the District of Columbia, Puerto Rico, Guam, American Samoa, or the Virgin Islands;"

Are you considered a "consumer finance institution?"
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#517902 - 03/27/06 05:02 PM Re: Right to Financial Privacy Act
LoveLending Offline
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There isn't any definition of "consumer finance institution" in the Right to Financial Privacy Act. I think they're probably entities that have a relationship with consumers. Our relationship is with a bank, credit union, thrift or other student lender. Some student lenders are not financial institutions.

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#517903 - 03/27/06 05:09 PM Re: Right to Financial Privacy Act
Elwood P. Dowd Offline
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I'm not certain that the answer to your question lies in the definition. RFPA does little more than identify circumstances where banks are required to provide information at the behest of the federal government.

You must honor a subpoena regardless of whether you are covered by the RFPA.
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