The Brookfield, Wis.-based core processor Fiserv has released anofficial statement regarding the CFPB order to provide anonymousdata pertaining to overdraft programs.

Fiserv's statement regarding its assistance to the CFPB read asfollows: “We are currently assisting the CFPB at their request.They are currently researching overdraft programs and have asked usto provide information about our hosted account processing clients'system settings pertaining to overdraft programs. We are makingclients aware of the CFPB request, and the assistance that we areproviding.”

Fiserv was not immediately available for comment earlier lastweek, but did release the following memo to its credit unionclients:

“(The) CFPB assures Fiserv that the order is intended to acquiredata for research purposes only, under the bureau's authority tomonitor and maintain a fact-based understanding of the financialservices marketplace. Because of this assurance, and because thedata we produce about your settings will not include informationelements that identify your specific institution, we do not believethis order poses the risk of compliance activity aimed at anyindividual credit union.”

The core services provider reassured clients it will protecttheir privacy but warned the CFPB order may raise prices.

The data set requested by the CFPB, according to Fiserv, included approximately 60 data elements about eachhosted account processing client's system settings, but did notinclude the institution name, location or other identifyinginformation.

The requested data will capture a generic snapshot of depositaccounts and programs that includes overdraft processing andidentification, duration measurement and fee assessment at thesystem level before any discretionary intervention. There was nopersonally identifiable consumer information involved in theorder's data request, Fiserv said.

The Jacksonville, Fla.-based FIS received the same request, the company revealed.

“FIS is participating with the CFPB in their overdraft marketstudy,” FIS said. “FIS has anonymized all of the data we haveprovided the CFPB, which means no FIS clients or FIS clientcustomers are identified in the data we have shared with theCFPB.”