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State Agency Investigation - RFPA Applicable?

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Question: 
The bank has recently received a subpoena for one of our customers. The investigation is being conducted by state agencies. Does the federal version of the Right to Financial Privacy still apply? Do we still need a letter of compliance and does the bank need to wait for the customer to contest?
Answer: 

Possibly, but it will be dictated by state law. The RFPA only applies to the federal government, with exceptions (the IRS has its own rules).

First published on BankersOnline.com 5/18/09

First published on 05/18/2009

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