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NAFCU, CUNA respond to ‘cherry picked’ data targeting CU overdraft
In an op-ed published Wednesday by CU Times, NAFCU President and CEO Dan Berger and CUNA President and CEO Jim Nussle set the record straight on Aaron Klein’s recent article in POLITICO Magazine, highlighting his stunning lack of awareness on credit union overdraft protections.
“Far from the inflammatory terms, the fact is credit unions are unquestionably one of the most — if not the most — consumer-friendly participants in the marketplace,” the two industry leaders wrote. “The data shows it from both a financial perspective and how our members feel about their credit union. Mr. Klein diminishes generations of credit unions putting people over profits, and also shifts focus away from the numerous predatory entities in the marketplace that credit unions exist to fight against.”
Nussle and Berger also point out that “every credit union overdraft program is different across the county and credit unions evolve to meet the needs of their members, not the other way around.” Additionally, many state-chartered credit unions could be subjected to multiple examinations a year, depending on the schedules of the NCUA, state regulators, and potentially CFPB if the credit union is over $10 billion in assets.
“Mr. Klein can personally object to how consumers choose to manage their finances, but it’s unacceptable to paint credit unions and the good work they do in such a misleading way,” Nussle and Berger concluded.
Read the full response. NAFCU will continue to defend the credit union industry and ensure the 138 million credit union members have access to safe, secure, and reliable financial products and services.