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Credit unions are encouraged participate in this month's Economic & CU Monitor survey to share their insights on the topics of overdraft and member access to financial data. Of note, the NCUA Board in December approved the issuance of a proposed rule related to overdraft policy and earlier this year the CFPB issued an advance notice of proposed rulemaking (ANPR) gathering input on how it should implement section 1033 of the Dodd-Frank Act, which provides for consumer rights to access financial records.

Responses to the Monitor survey are due Friday, Jan. 15; the survey can be filled out online.

On overdraft, the NCUA’s proposed rule would remove the requirement for FCUs to adopt as part of their written overdraft policy a time limit that cannot exceed 45 calendar days for a member to either deposit funds or obtain an approved loan from the FCU to cover each overdraft.

NAFCU had advocated for an increased flexibility in this area to help credit unions better serve members facing economic hardship due to the coronavirus pandemic; the board previously tabled an interim final on this issue at its May meeting.

On the CFPB’s ANPR on section 1033, the association has previously recommended that the CFPB explore questions around permissioned data access by focusing on the security of consumers' information and should not create new data-collection burdens and costs for credit unions.

NAFCU relies on survey responses to provide its members a glimpse into the trends affecting the credit union industry as a whole. The association also uses survey responses to inform its advocacy efforts on Capitol Hill and with regulatory agencies such as the NCUA, the CFPB, and the Federal Reserve.

For more from NAFCU's award-winning research team, check out the association's Macro Data Flash reports for insights into interest rates, auto sales, the housing market, and more.