Texas Bankers Association Files Freedom of Information Act Request with CFPB
AUSTIN, July 24, 2015 – The Texas Bankers Association on Wednesday filed a Freedom of Information Act Request with the Consumer Financial Protection Bureau to obtain all documentation the agency requested from bank software processors on the overdraft activity of their bank customers.
The TBA was informed by its members that one of the processors, Fiserv, was complying with an Order to File Information from the CFPB to provide “60 data elements” regarding overdraft checking programs, but that Fiserv would be billing its client banks for the cost of producing this information.
“TBA objects to this third-party data search on both legal and customer privacy grounds,” explained TBA President and CEO Eric Sandberg. “We are also concerned about the breadth of this data sweep and why the CFPB’s information requirements could not be satisfied with a representative cross-sampling rather than a demand request apparently sent to every major processor in the banking industry.”
In addition to requesting copies of all factual and analytical surveys and investigations conducted by the CFPB, or on its behalf by third parties, the TBA request also calls for access to any legal analysis relied upon by way of supporting the CFPB’s legal authority for the issuance of the information orders.
Serving Texas bankers since 1885, TBA is the largest and oldest state bankers association in the nation. TBA’s membership includes 464 banks and 5,038 branches, which represents 85 percent of all Texas banks.