Fiserv responded to a CFPB order to provide anonymized data pertaining to overdraft programs by assuring credit union clients it would protect privacy.
However, the core processor also warned of possible price increases resulting from the cost to comply.
"We are informing you of this matter to maintain the trust and transparency that is the foundation of our relationship, and to reassure you about the nature of the order itself and the data it compels us to provide about the settings you have selected in your Fiserv-hosted account processing system," Mark Sievewright, president, and Santo Cannone, chief product officer, both with Fiserv's Credit Union Solutions division, wrote in an emails statement to clients obtained by CU Times.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
