America’s Credit Unions: Overdraft data is exempt from Freedom of Information Act
Trade group asks NCUA to reconsider release of overdraft and NSF data
Credit union overdraft and Nonsufficient Fee income should not be publicly disclosed because it is confidential business information and is exempt from the Freedom of Information Act, America’s Credit Unions told the National Credit Union Administration on Friday.
“If the NCUA is releasing Call Report data under separate authority, we would appreciate that clarification,” Carrie Hunt, America’s Credit Unions Chief Advocacy Officer, wrote in a letter to members of the NCUA board.
Starting March 31, credit unions with more than $1 billion in assets were required to report overdraft fee income and NSF fee income as part of their quarterly call reports. America’s Credit Unions estimated that more than 400 financial institutions will be impacted by the call report change.
NCUA Chairman Todd Harper earlier this year said that such information should be made public. Overdraft fees and NSF fees are targeted as part of the Biden Administration’s campaign to eliminate so-called “junk fees.” The Consumer Financial Protection Bureau has proposed regulating overdraft programs at financial institutions with more than $10 billion in assets.
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