CA SB1075

Requires credit unions to provide members with notice each time an overdraft fee or nonsufficient funds fee is assessed, using the member's designated communication method on the same business day the transaction occurred (or next business day if not feasible).

Notice must include the transaction date, type of transaction, whether it was declined or processed, amount of overdraft if applicable, amount needed to return account to positive balance, and consequences of not doing so within a specified timeframe.

Beginning January 1, 2026, prohibits credit unions from charging overdraft or nonsufficient funds fees exceeding $14 or the amount set by the federal Consumer Financial Protection Bureau, whichever is lower.

Applies to credit unions subject to examination authority of the Commissioner of Financial Protection and Innovation under the California Credit Union Law.