Credit unions support a more transparent process for changes to NCUA’s call report, America’s Credit Unions’ Ann Petros wrote to NCUA Chairman Todd Harper Wednesday.
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 non-sufficient funds (NSF) fees in the call report.
Petros noted that the NCUA’s proposed changes to the call report were published shortly before the December holidays with a 30-day comment period—with no alert, updated information on the agency’s website, or other source flagging the significant changes.
“Credit unions should be directly informed about proposed changes to the Call Report, including via an alert emailed directly to credit union leaders, information posted on the NCUA’s website, and webinars and other educational resources,” she wrote. “Credit unions should also be provided with more opportunity (i.e., longer than 30 days) to submit feedback on proposed changes so that impacted credit unions have adequate time to review the changes, collect input from their various business units, and share any comments or concerns with the agency.”
NCUA should ideally post proposed call report changes “at least two quarters in advance,” and additions should not be proposed the quarter prior to the effective date of the changes, Petros wrote.
She also added that—aside from creating parity with the Federal Deposit Insurance Corporation’s call report for banks—the NCUA has not clearly identified a rationale for adding these new account codes.
The letter follows up America’s Credit Unions’ meeting with Harper last week to discuss this issue and other priorities. America’s Credit Unions will continue to keep credit unions updated on agency actions.
