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CFPB has ordered Fiserv, a core processor, to turn over data related to the company's overdraft programs, according to Credit Union Times, which reports Fiserv is assuring its credit union clients their privacy will be protected.

The report, citing an obtained email statement to Fiserv credit union clients, said CFPB sought "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."

It added that "no personally identifiable consumer information" was requested and that resulting data would be "a generic snapshot of deposit accounts and programs that includes overdrafts processing and identification, duration measurement, and fee assessment at the system level before any discretionary intervention."

Fiserv, in its statement, said, "While the CFPB may be seeking efficiency and data uniformity by issuing this order to large processors like Fiserv rather than thousands of individual financial institutions, this approach creates significant expense for us," CU Times reported. Fiserv said the effort to produce the data will require thousands of hours of work and warned of price increases due to the cost of compliance.

NAFCU President and CEO Dan Berger said members are concerned. "This is another example of how CFPB's activities, directly or not, are working to drive up the cost of regulation for credit unions."

During debate on creation of CFPB, NAFCU was the only credit union trade organization that opposed the bureau having any regulatory or supervisory authority over the nation's credit unions.

In April, CFPB took its first enforcement action in the area of illegal overdraft fees, fining Regions Bank $7.5 million after it allegedly charged fees to consumers inappropriately.

In March, NAFCU submitted a Freedom of Information Act request to the bureau seeking supporting documentation on the bureau's findings on overdraft practices. NAFCU will continue to monitor CFPB's activities regarding overdraft programs.