Dec. 21, 2012 – NAFCU President and CEO Fred Becker applauded President Obama’s signing into law Thursday of two NAFCU-supported bills repealing the dual fee disclosure at ATMs and protecting the privileged information financial institutions provide the CFPB.
“This is important, meaningful legislation that will have a direct impact on a credit union’s bottom line and reputation management,” Becker said. “NAFCU has fought long and hard for both of these bills and we are pleased the president has acted swiftly to enact them into law.”
H.R. 4367, the ATM bill, was cleared by the House this July. It revises the Electronic Funds Transfer Act to remove the duplicative requirement to affix placards on ATMs to disclose possible fees, which are also disclosed on screen. NAFCU was instrumental in garnering lawmakers’ support for the bill, aimed at stanching the rising tide of frivolous lawsuits alleging noncompliance by ATM owners when placards are stolen or defaced.
H.R. 4014, which conforms federal law affecting the CFPB with provisions already applied to prudential regulators of credit unions and banks, was approved by the House in March. The Senate passed both bills Dec. 11.
Writing CFPB Director Richard Cordray, NAFCU General Counsel and Senior Vice President of Regulatory Affairs Carrie Hunt has urged that the bureau work expeditiously to implement the ATM measure and make clear that it preempts state law.