Aug. 3, 2012 – The Senate adjourned last night without taking any decisive action on the NAFCU-backed ATM measure or the newer cyber security bill, leaving both measures on hold until Congress reconvenes after Labor Day.
The ATM legislation would remove the dual requirements on fee disclosures, eliminating the placard requirement but leaving intact the requirement to disclose fees on screen when consumers can still cancel their transactions.
The placard repeal provisions is reflected in both S. 3204 and S. 3394. S. 3394 would also ensure the Consumer Financial Protection Bureau is required to hold sensitive information it receives from financial institutions as confidential.
NAFCU strongly backs both measures.
This week, senators had hoped to invoke cloture on a more recently drafted cybersecurity bill. That bill, S. 3414, is aimed at streamlining the way government and private companies address threats. Proponents attempted but failed Thursday to get the minimum 60 votes needed on a motion for cloture, which effectively pushes any possible action on the measure until at least next month. The vote was 52-46, eight votes shy of the minimum affirmative votes required.
If S. 3414 does move forward, NAFCU is urging that lawmakers include an amendment by Sens. Tom Carper, D-Del., and Roy Blunt, R-Mo., to subject non-financial institutions to the same types of data safeguard requirements that apply to credit unions under the Gramm-Leach-Bliley Act.
NAFCU is urging credit unions to contact lawmakers in both the House and Senate this month in support of the ATM placard measure. This outdated provision subjects ATM owners to potential class action and fines of up to $500,000 plus attorneys’ fees and costs when placards are stolen or defaced.
The association is also urging credit unions and their small-business owners to remain in contact with lawmakers on S. 2231, which would raise the credit union member business lending cap from 12.25 percent of assets to 27.5 percent.
For lawmakers’ contact information, dial the U.S. Capitol switchboard at 202-224-3121. To send emails directly on these issues, visit our grassroots action center.