America’s Credit Unions calls on NCUA to reconsider overdraft reporting requirements

America’s Credit Unions is actively engaging the NCUA on its call report changes that would require certain credit unions to report fee income derived from overdraft and nonsufficient funds (NSF) fees. The organization has raised concerns directly with NCUA Chairman Todd Harper, and also wrote a letter to the agency calling on it to refrain from publicly disclosing the data.

Changes to the call report—proposed by the NCUA Board in December and effective March 31—require credit unions with more than $1 billion in assets to list income related to overdraft fees and NSF fees in the call report.

America’s Credit Unions is concerned that, by publicly releasing the data, credit unions could face reputational harm if the data were to be cherry-picked to tell misleading stories. Many Americans rely on value-based programs such as overdraft protection to help make ends meet and pay for necessary expenses.

The NCUA has not responded to America’s Credit Unions’ request.

In addition, America’s Credit Unions has urged the agency to use a more transparent process for changes to call reports to ensure credit unions have reasonable time to review, provide feedback, and implement the changes.

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