July 17, 2012 – NAFCU is urging credit unions to keep phoning and emailing senators to urge repeal of the dual ATM disclosure requirement as senators consider their next steps with this legislation, which cleared the House last week on a vote of 371-0.
The legislation, H.R. 4367 in the House and S. 3204 in the Senate, would amend the Electronic Funds Transfer Act to eliminate the outdated and unnecessary requirement to post placards on ATMs regarding fees. Another requirement – to disclose fees on screen at a point that the consumer can still cancel a transaction – would remain intact.
The placard requirement has been at the root of an increasing number of lawsuits targeting ATMs where placards have been taken or defaced. A missing placard can open an ATM owner to fines of up to $500,000 plus lawyers’ fees and expenses.
The legislation could move in any number of ways. The Senate could pass
H.R. 4367, or it could take up its own version, S. 3204. It could also
combine the legislation with another bill, such as a pending measure
to ensure the confidential data financial institutions provide to
the Consumer Financial Protection Bureau is protected to the same extent as information provided to prudential regulators.
To call senators, dial the U.S. Capitol switchboard at 202-224-3121. To send an email, go to our grassroots action center.