Sept. 24, 2012 – Last week brought a wave of support for S. 3394, a NAFCU-backed measure that would eliminate the dual ATM requirement on fee disclosures, with nine Senate Democrats signing on as cosponsors.
S. 3394 is one of two Senate bills (S. 3204 is the other) that would eliminate the placard ATM fee disclosure requirement but leave intact the requirement to disclose fees on screen when consumers still have the option to cancel their transactions. S. 3394 would also ensure the Consumer Financial Protection Bureau is required to hold sensitive information it receives from financial institutions as confidential.
Last Wednesday, six Senate Democrats agreed to back the bill, including John Kerry, Mass., Max Baucus, Mont., Mark Warner, Va., Michael Enzi, Wyo., Ben Nelson, Neb., and Michael Bennet, Colo. The next day, three more Senate Democrats signed on, including Mark Udall, Colo., Daniel Akaka, Hawaii, and Amy Klobuchar, Minn.
Both the ATM disclosure and the privileged information measures were approved unanimously by the House. Lead sponsors of S. 3394 are working to pave the way for passage. If it clears, it will go back to the House for a final vote on passage.
Meanwhile, support also continues to grow for H.R. 1418, the NAFCU-backed House bill that would increase the credit union member business lending cap from 12.25 percent to 27.5 percent of assets. On Thursday, Rep. Mike Thompson, D-Calif., signed on to support the bill, raising the total number of cosponsors to 141. The Senate version of the MBL bill, S. 2231, has 21 cosponsors.
NAFCU is encouraging credit unions to contact their senators and House representatives about the above bills. To reach lawmakers’ Capitol Hill offices, dial the U.S. Capitol switchboard at 202-224-3121.To send an email, use the tool provided via NAFCU’s online grassroots action center.