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State-Chartered CUs: Report Overdraft & NSF Income to DFPI by March 1

State-chartered banks and credit unions are required to report annually to the California Department of Financial Protection and Innovation (DFPI) the revenue received from fees on non-sufficient funds (NSF) and overdraft charges during the calendar year.

The requirement is per Financial Code section 521. These reports are due by March 1 so the DFPI can publish the information on its website by March 31.

On Dec. 29, the DFPI sent an email with a report link to the designated email address of each reporting institution. Please refer to the FAQs or contact Marilyn Davis at (banks) or Kim-Phuong Hoang at (credit unions) for more information.

Access the ‘Compliance Hotline’
Your League-member benefits include the Compliance Hotline — providing exclusive access to dedicated compliance experts:

Using the above phone number and email address, you can gain access to a knowledgeable team that’s ready to address all your credit union’s compliance inquiries — promptly and efficiently. With the Compliance Hotline, you can proactively respond to impromptu questions and issues by getting clarity and insight on technical topics that normally slow you down. We want to help you unlock the full potential of your League membership by leveraging the resources and support you need to navigate the complex world of compliance effortlessly. We’re ALWAYS just a phone call or email away!

Additionally, other League-member compliance resources include:

  • ViClarity
  • CU PolicyPro
  • ComplySight
  • InfoSight
  • CU Store
  • Record Retention Guide
  • GRC Technology Solutions

For more information, email Lisa Quaranta.

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