California League to Provide Disclosure Language

RANCHO CUCAMONGA, Calif. – The California Credit Union League, in conjunction with its business partner, The Law Offices of Thomas H. Wolfe, P.C., will provide the required disclosure language for credit unions in California and Nevada offering an overdraft protection or courtesy pay program. The language will be prepared according to parameters set up by the individual credit union’s program policy. The language may be published in a brochure, included in the institution’s Truth in Savings disclosure materials, or provided as an addendum to the credit union’s Truth in Savings disclosure. “This new service will help ensure that credit unions who offer an overdraft, or courtesy pay program can do so knowing they are in full compliance,” said Thomas Wolfe. “The language is in compliance with the recent joint guidance on overdraft programs issued by the federal agencies that govern financial institutions, including the National Credit Union Administration.” For more information on the new service, contact League Business Development Representative Tony Magnon at (800) 472-1702, ext. 3297.