Overview
- In a letter to Fiserv CEO Mike Lyons, Senators Elizabeth Warren and Ron Wyden launched a formal inquiry seeking documents on the company’s forecasts, Argentina exposure, internal reviews, federal negotiations, and any non-disclosure agreements involving Frank Bisignano.
- The senators’ questions prominently cover Treasury’s September re-award of the Direct Express benefits card program to Fifth Third, which named Fiserv subsidiary Money Network Financial as program manager for roughly 3.4 million beneficiaries.
- Bisignano sold approximately $530–$550 million in Fiserv stock upon his May confirmation to lead the Social Security Administration, a divestment required by ethics rules that the senators say spared him about $300 million as the shares later fell by more than 50%.
- Fiserv’s market value tumbled more than 40% after new CEO Mike Lyons revised guidance that had relied on aggressive assumptions, including growth tied to Argentina, and investors have filed a class-action suit covering purchases from July 2024 to July 2025.
- The Social Security Administration said Bisignano fully complied with his federal ethics agreement during and after confirmation, and he was also appointed on October 6 as CEO of the IRS.