Fiserv is not the only company the CFPB ordered to provide anonymous data pertaining to overdraft programs – the Jacksonville, Fla.-based FIS has received the same request, the company revealed.
Like the Brookfield, Wis.-based Fiserv, FIS, which provides banking and payments technology to financial institutions, issued a statement assuring its clients that all data provided would be anonymous.
"FIS is participating with the CFPB in their overdraft market study," the company said. "FIS has anonymized all of the data we have provided the CFPB, which means no FIS clients or FIS client customers are identified in the data we have shared with the CFPB."
Fiserv was not immediately available for comment, but did release a memo to its credit union clients.
"(The) CFPB assures Fiserv that the order is intended to acquire data for research purposes only, under the bureau's authority to monitor and maintain a fact-based understanding of the financial services marketplace," Fiserv said in the memo. "Because of this assurance, and because the data we produce about your settings will not include information elements that identify your specific institution, we do not believe this order poses the risk of compliance activity aimed at any individual credit union."
The data set requested by the CFPB, according to Fiserv, included approximately 60 data elements about each hosted account processing client's system settings, but did not include the institution name, location or other identifying information.
The requested data will capture a generic snapshot of deposit accounts and programs that includes overdraft processing and identification, duration measurement and fee assessment at the system level before any discretionary intervention. There was no personally identifiable consumer information involved in the order's data request, Fiserv said.
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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.).
