A qualified enrollee of the eCBSV service must be a permitted entity as defined by section 509 of the Gramm-Leach-Bliley Act. 42 USCA 405b(b)(4), Pub. L. No. 115-174, Title II, §215(b)(4). If a fintech company determines that they meet the definition of a permitted entity as a service provider, subsidiary, affiliate, agency, subcontractor, or assignee of a financial institution, then they must identify the financial institution they are servicing in order to qualify regardless of how they share the verification results.
To apply, the fintech company as a service provider must complete the SSA-157 identifying all of the permitted entities’ EINs that they will service during the initial enrollment period, up to 20. Each permitted entity they will service must also complete the SSA-157 form to include the permitted entity certification, and submit it during the enrollment period; however, SSA will accept changes if needed prior to the initial rollout. No fees are charged for submitting an application. The service provider may choose to consolidate all SSA-157s for each of the permitted entities they will service with their own SSA-157 application to submit in one email to SSA.