Advocating for Credit Unions Impacted by NCUA Call Report Change

Posted by John Trull on February 29, 2024

A significant change to the NCUA Call Report, expected to take effect March 31, will require credit unions with assets of $1 billion or greater to report Overdraft and Non-Sufficient Funds fees as separate line items. The change was announced in December; however, there was a lack of proactive communication by the regulator to impacted credit unions.

How GoWest is Advocating

After discussion in recent state Governmental Affairs Committee meetings, and seeking input from potentially impacted credit unions, we are taking steps to provide NCUA with direct feedback, advocate for changes, and helping to prepare our members, as follows:

1. Advocating directly to the NCUA with a request to make this new reporting requirement voluntary. This would provide credit unions with additional time to adjust to the new reporting standards ensuring that reporting is both accurate and reflective of credit unions’ commitment to serving their members.
2. Requesting additional transparency and better communication on changes going forward.
3. Working with industry partners at America’s Credit Unions and other leagues to prepare and support credit unions for the coming requirements. and possible questions and attention that may arise after the information is publicly available.
4. Convening GoWest communities to share best practices and resources to prepare for possible questions and attention that may arise from members, the media, elected officials, etc after the information is publicly available. One such opportunity will be the GoWest Marketers Council meeting on March 19. Please send your Marketing/PR team to the council. Registration is open now.

Additional Background on Key Changes to the Call Report:

• Statement of Income and Expense, Item 13a – added: a. Overdraft Fee Income (Account IS0048) Report the amount of income received from overdraft fees. Include the amount of overdraft fee income in Account 131 also. (see attached for complete list of changes)
• Statement of Income and Expense, Item 13b – added: a. Non-Sufficient Funds Fee Income (Account IS0049) Report the amount of income from non-sufficient funds fees. Include the amount of non-sufficient funds fee income in Account 131 also.

You can review the NCUA’s changes here.  Stay tuned to the Advocacy on the Move blog for new developments.

Posted in Advocacy on the Move, Federal Advocacy.