Goldman Sachs, which is currently under SEC investigation, has been issued a subpoena by the US Financial Crisis Inquiry Commission this month.

According to a press statement from the Commission, Goldman Sachs failed to comply with a request for documents and interviews in a timely manner.

The Commission had previously warned it would use its subpoena power if there was a delay or lack of compliance during the investigation.

"In creating the Financial Crisis Inquiry Commission under the Fraud Enforcement and Recovery Act of 2009, Congress granted the Commission the power to "require, by subpoena or otherwise, the attendance and testimony of witnesses and the production of books, records, correspondence, memoranda, papers, and documents."

In April, the Securities and Exchange Commission (SEC) charged Goldman Sachs and one of its vice presidents for fraud relating to subprime mortgages.

The SEC is charging Goldman Sachs for defrauding investors by misstating and omitting key facts about a financial product tied to subprime mortgages as the US housing market was beginning to falter.

According to a press statement, Goldman Sachs was alleged to have structured and marketed a synthetic collateralised debt obligation (CDO) that hinged on the performance of subprime residential mortgage-backed securities (RMBS).

It is alleged the firm failed to disclose vital information to investors about the CDO, in particular, the role played by a major hedge fund played in the portfolio selection process and the fact that it had taken a short position against the CDO.