Call for Experts

X9.153 Information Subpoena (IS) & Information Subpoena with Restraining Notice (ISRN) Standard

Project Description| The purpose is to standardize the language and reduce the free-form questionnaires that are submitted by New York law firms that have the statutory authority to question financial institutions and their knowledge of their clients and their assets. Unlike a production subpoena, which involves the production of existing bank records, an Information Subpoena (IS) and an Information Subpoena with Restraining Notice (ISRN) require financial institutions to answer a list of specific questions posed.

Project Need| Standardizing these requests would benefit the requestor (law firms) in expediting responsiveness from financial institutions. It also benefits the responder (financial institution) by enabling them to work from a consistent set of questions, which can be mapped to their data systems. This standardization would facilitate automation in both the information subpoena response and, in certain cases, applying the restraint.

Stakeholders| New York debt collection law firms, Financial Institutions, Software / Application Vendors representing either the law firms or financial institutions, Creditors