CUNA and the American Bankers Association both expressed concern over the potential financial institution cost impacts of the CFPB's order of three core processors to provide anonymized overdraft data.
In November 2014, the CFPB ordered Fiserv, FIS Global and Jack Henry to provide significant amounts of information about the overdraft program services they provide to depository institutions. Two companies responded publicly to the order in May.
Fiserv acknowledged the CFPB's statutory power to impose these costs on the industry it regulates rather than from its budget. Fiserv, in its statement, said these expenses might affect hosted account processing client fees.
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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.).
