Recently proposed changes to the call report require credit unions with $1 billion or more in assets to report fee income they derive from overdraft and nonsufficient funds fees. NCUA published a draft of amended call report instructions in December 2023, effective March 31.
America’s Credit Unions’ latest Compliance Blog post examines the proposed changes and what they could mean for credit unions, noting that the NCUA’s 2024 supervisory priorities state that examiners will be reviewing overdraft programs, including “website advertising, balance calculation methods, and settlement processes” in 2024.
Natural-person federally insured credit unions are required to file call reports by Jan. 30, April 30, July 30, and Oct. 30 of each year. These new changes would become effective for the Q1 2024 Call Report filing cycle.
NCUA also announced in November it would begin assessing civil money penalties for late call report filings starting Jan. 1, 2024.
