𝗛𝗼𝘄 𝗪𝗶𝗹𝗹 𝗡𝗖𝗨𝗔 𝗲𝘅𝗮𝗺𝗶𝗻𝗲 𝗦𝗵𝗮𝗿𝗲 𝗢𝘃𝗲𝗿𝗱𝗿𝗮𝗳𝘁𝘀 𝗶𝗻 𝟮𝟬𝟮𝟯?
Yesterday NCUA held an industry webinar on 2023 Supervisory Priorities that included the following information on the scope of review for Overdrafts:
At complex #c reditunions (>$500m+) Examiners 𝘄𝗶𝗹𝗹 𝗿𝗲𝘃𝗶𝗲𝘄:
• Website Advertising;
• Balance Calculation Methods;
• Settlement processes
• Member Statements and disclosures related to PALS II loans; and
• Management's actions to address unanticipated overdraft fees.
With CFPB inventing the new term Junk Fees and an apparent ever-increasing NCUA review of overdraft programs, you should be reviewing this area closely now and in the years ahead. I expect NCUA's scope in 2024 will expand in general and also include smaller credit unions.
Watch for future stories and podcasts on NCUA's Supervisory Priorities soon.
Interested in learning how my team of former NCUA subject matter experts assist credit unions in dealing with NCUA? Email me at info@marktreichel.com
NCUA's full letter on Supervisory Priorities can be found here: