WASHINGTON–In the weeks leading up to the release of data on how much the largest credit unions are generating from overdraft and NSF income, America’s Credit Unions expressed concerns over how it might be perceived and over a lack of context.
Now that that data is out, it continues to have those concerns, according to the trade group’s chief advocacy officer, Carrie Hunt.
As CUToday.info reported here, last week NCUA released the data it collected for the first time that revealed the 442 credit unions of $1 billion or more in assets earned $915,624,727 in OD/NSF fees during the first quarter.
“Our assessment has not really changed, which is that overdraft protection programs are very unique to each credit union,” said Hunt.
Another concern America’s Credit Unions had in the lead-up to the publication of the numbers was that it would create some negative press reports and criticisms, similar to what has happened in California following the release of OD/NSF income data from state-chartered credit unions.
Activity on X
Hunt said the market has already begun to see a little bit of that, noting there was some activity on X and other stories relative to credit union overdraft programs.
“It is challenging to have these sound bites out into the world at large, because it suggests that credit unions are not serving their members when in fact the opposite is true,” said Hunt. “So, we have yet to see, I think, the actual ramifications…but it's something that we're continuing to watch.”
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