July 12, 2012 – NAFCU President and CEO Fred Becker is urging credit unions to contact their senators and urge “swift action” on legislation sought by NAFCU to repeal the dual disclosure requirement for ATM fees.
“NAFCU has been working diligently to advocate passage of this common-sense measure to eliminate the incentive for frivolous lawsuits,” the NAFCU president said. “Thanks to your contact with your representatives in the House, we have passed the first hurdle. I encourage you to continue your grassroots efforts with the Senate and help keep this legislation moving forward.”
The House on Monday cleared its version of the repeal measure, H.R. 4367, on a vote of 371-0. The bill, which awaits Senate action, would amend the Electronic Funds Transfer Act to eliminate the outdated, unnecessary ATM placard requirement on fee disclosures. The requirement to disclose fees on screen before the consumer completes the transaction would remain intact.
Becker urged credit unions to tell lawmakers about the debilitating fines that ATM owners face when the placards are removed or made unreadable. “Tell them that a credit union could face fines of half a million dollars in addition to legal fees and expenses – money that would otherwise be used to serve credit union members,” he urged.
He urged credit unions to seek action on H.R. 4367 and S. 3204 (the Senate version). To call lawmakers, dial the U.S. Capitol switchboard at 202-224-3121; or use the email template provided online in NAFCU’s grassroots action center.