ALEXANDRIA, Va.—In the wake of a law in California that requires disclosures of data on income from overdrafts and NSFs at state-chartered CUs, America’s Credit Unions said it is “actively engaging” with NCUA on its call report changes that would require similar disclosures from certain credit unions.
The trade group said it has raised concerns directly with NCUA Chairman Todd Harper, and in a letter called on the agency to refrain from publicly disclosing the data.
Changes to the 5300 call report—which as CUToday.info reported was proposed by the NCUA board in December 2023 and became 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.
‘Reputational Harm’
America’s Credit Unions says its concern is 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 trade group said.
ACU said NCUA has not responded to its request.
ACU has further urged NCUA 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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