ALEXANDRIA, Va.— NCUA should not require credit unions to publish fee income from overdrafts and non-sufficient funds (NSFs) as part of their call reports, America’s Credit Unions told the agency in a letter sent to the three board members.
The feedback came after NCUA recently revised its call report to require credit unions above $1 billion in assets to report overdraft and non-sufficient funds (NSF) fees, effective as of March 31.
“Data on these fees should not be released publicly. Instead, the NCUA Board should further evaluate the legal and reputational risks that credit unions may face and delay the release of such information,” wrote ACU Chief Advocacy Officer Carrie Hunt.
‘Spun in Misleading Way’
Hunt stated such information will likely be “spun in a misleading and potentially inaccurate way,” suggesting that is what has happened with the release of a report by the state of certain overdraft/NSF fees charged by California credit unions and banks.
“If the Board is unwilling to prevent disclosure of this fee data indefinitely, we urge, at a minimum, the agency to delay such disclosure until after it has sufficiently assessed the legal and policy concerns with releasing such information,” Hunt added.
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