Newsroom
New bill in Senate to move ATM fix
July 18, 2012 – A new bill, S. 3394, was introduced in the Senate Tuesday by Senate Banking Committee Chairman Tim Johnson, D-S.D., Ranking Member Richard Shelby, R-Ala., and others that combines the NAFCU-sought repeal of the dual ATM disclosure requirement and the financial institution "privileged information" protection bill.
"The hope is that this new bill can be moved by unanimous consent in coming days," said Brad Thaler, NAFCU's vice president of legislative affairs. "Once it is passed, it will have to be sent back to the House for a final vote."
The measure was introduced with Sens. Mike Johanns, R-Neb., Mike Crapo, R-Idaho, Jon Tester, D-Mont., Sherrod Brown, D-Ohio, Claire McCaskill, D-Mo., and Kay Hagan, D-N.C., signed on as original cosponsors. Once through the Senate, it expected to win approval in the House, which has already passed both provisions reflected in the new Senate bill.
Here is a recap of the provisions:
- The ATM measure would amend the Electronic Funds Transfer Act to eliminate the outdated and unnecessary requirement to post placards on ATMs regarding fees. It would leave intact the requirement to disclose fees on screen at a point that the consumer can still cancel a transaction. Eliminating the placard requirement would end the stream of frivolous lawsuits aimed at ATM owners when placards are stolen or defaced.
- The privileged information bill adds the Consumer Financial Protection Bureau to the list of federal agencies required to keep confidential sensitive data provided by financial institutions. This requirement already applies to NCUA and banking regulators.
Share This
Related Resources
Add to Calendar 2024-03-26 09:00:00 2024-03-26 09:00:00 Ensuring Safety and Soundness with AI Listen On: Key Takeaways: [03:48] The regulators are very focused on fairness in lending especially when it comes to using AI and outside models. The industry is moving very fast. [08:25] Articulating a business use case and how partnering with a Fintech can support it is the first step in having a successful conversation with your board. [10:30] Talk to your account executive at your Fintech and have them help you overcome objections. [15:01] Plan for oversight. It is not set and forget it. Your regulators are going to want to know how you are overseeing that from a 3rd party risk management standpoint. [15:47] Have a handle on your reserves and capacity for lending and start small and grow slowly. Web NAFCU digital@nafcu.org America/New_York public
Ensuring Safety and Soundness with AI
preferred partner
Upstart
Podcast
Help Ease Your Members' Loan Payment Concerns
Planning, Auto Loans, Research
preferred partner
TruStage
Blog Post
The Value of Risk Management in Cybersecurity
preferred partner
DefenseStorm
Video
Add to Calendar 2024-03-13 14:00:00 2024-03-13 14:00:00 Digital Assets in Credit Unions: What Are the AML Risks? The digital asset boom is upon us. Like it or not, you have to deal with it effectively with your members, credit unions are on the frontlines of crypto adoption. Even the NCUA has been providing more and more guidance on different aspects of digital assets. You need to be prepared. How? By understanding the core basics of digital assets (specifically cryptocurrencies) the risks that it poses to credit unions and how you can be better prepared to handle issues when they arise. In this webinar, Understanding the Digital Assets Boom, you’ll focus on the basics of digital assets, a background of cryptocurrencies and types, the regulations that are established and the proposals that are being considered and how to position yourself to understand all of these components and include them in your day-to-day roles. Key Takeaways Comprehend the basics of digital assets including cryptocurrencies Understand currently established regulations and what the future has in store, specifically in 2024 Identify and remediate issues that arise in your credit union Register Now $295 Members | $395 Nonmembers(Additional $50 for USB)One registration gives your entire team access to the live webinar and on-demand recording until March 13, 2025Go to the Online Training Center to access the webinar after purchase » Who Should Attend NCCOs NCRMs Compliance and risk titles Education Credits NCCOs will receive 1.0 CEUs for participating in this webinar NCRMs will recieve 1.0 CEUs for participating in this webinar Web NAFCU digital@nafcu.org America/New_York public
Digital Assets in Credit Unions: What Are the AML Risks?
Credits: NCCO, NCRM
Webinar
Get daily updates.
Subscribe to NAFCU today.