In San Diego County Credit Union ’s most recent annual report, CEO Teresa Campbell boasted about the company’s philosophy of “putting people first and profits second.” The report, however, makes no mention of the $18 million in overdraft fees San Diego County Credit Union (SDCCU) collected last year from customers. Neither does it mention how Campbell’s compensation increased seven-fold over the last decade to nearly $12 million dollars, according to SDCCU’s latest financial statements.
Credit unions often frame themselves as community-oriented financial institutions, in contrast to big commercial banks. But credit unions chartered in California last year collected over $250 million in overdraft fees,“That's a type of reverse Robin Hood that is not really fulfilling the spirit or mission” of credit unions, said Aaron Klein, senior fellow in economic studies at the Brookings Institution and a vocal critic of overdraft fees. SDCCU declined an interview request and did not respond to multiple follow-up inquirie
Source: Loan Digest (loandigest.net)
San Diego County Credit Union Overdraft Fees Teresa Campbell Compensation Credit Unions California Community-Oriented Financial Institutions
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