The Texas Bankers Association filed a request under the Freedom of Information Act with the CFPB seeking any information it received from three large core processors about bank overdraft data. The bureau has ordered Fiserv, FIS and Jack Henry to provide anonymized information about the overdraft services they provide for depository institutions. TBA also requested legal analysis justifying the CFPB’s actions.
ABA has said it is important that the CFPB conduct a full study of the market for overdraft services that includes the overdraft programs of community financial institutions, in contrast with the programs of a few large banks the bureau first began studying several years ago. However, ABA has emphasized that the bureau should fully cover the cost of its information-gathering activities.