Newsroom
House passes ATM disclosure fix
July 10, 2012 – A NAFCU-supported bill, H.R. 4367, to repeal the ATM placard disclosure requirement was passed by the House Monday evening on avote of 371-0 and is headed to the Senate for further action.
"This legislation has broad bipartisan support," said NAFCU Vice President of Legislative Affairs Brad Thaler. "It is a common-sense measure that eliminates the incentive for frivolous lawsuits while preserving a disclosure mechanism to ensure consumers' interests."
Rep. Blaine Luetkemeyer, R-Mo., chief sponsor of H.R. 4367, cited NAFCU's support for the legislation during debate Monday on the House floor. The association is also urging swift action in the Senate.
The measure would amend the Electronic Funds Transfer Act to eliminate the outdated and unnecessary requirement to post placards on ATMs regarding fees.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.
NAFCU President Fred Becker called on credit unions to contact their lawmakers over the July 4 recess to urge action on this issue. A similar Senate bill, S. 3204, has been gaining support as well.
Share This
Related Resources
Add to Calendar 2024-05-03 14:00:00 2024-05-03 14:00:00 Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing About the Webinar In January 2024, Pentegra conducted a survey of retirement plan sponsors and their perspectives on retirement plan management and fiduciary outsourcing. The survey measured how sponsors are using fiduciary outsourcing to help better manage their retirement plans. It also captured their perspectives on what outsourcing does to help them better position their plans and drive improved retirement plan outcomes. Key Takeaways: What is the full scope of your responsibilities as a plan sponsor? What is fiduciary outsourcing and how does it work? How does fiduciary outsourcing help reduce workloads and minimize risk? How can a credit union best position its plan to drive improved outcomes? Register Here Web NAFCU digital@nafcu.org America/New_York public
Plan Sponsor Attitudes Toward Retirement Plan Management and Fiduciary Outsourcing
preferred partner
Pentegra
Webinar
Ensuring Safety and Soundness with AI
Management, Consumer Lending, FinTech
preferred partner
Upstart
Blog Post
Turning Lemons into Lemonade: Capitalizing in a Post-Banking Crisis Era
Strategy
preferred partner
Allied Solutions
Blog Post
Add to Calendar 2024-05-02 14:00:00 2024-05-02 14:00:00 Mastering Resilience in Incident Response Plans About the Webinar An Incident Response (IR) plan is crucial for guiding credit unions through major incidents efficiently and effectively. However, many IR plans lack resilience, making them less adaptable to the evolving threat landscape. Join us for our webinar Mastering Resilience in Incident Response Plans where DefenseStorm cyber experts Elizabeth Houser and James Bruhl will delve into the importance of resiliency within cybersecurity IR plans. Don’t miss out on the opportunity to learn how to: Ensure IR plan accessibility so that all team members with assigned roles are prepared for effective incident response. Conduct efficient and regular reviews to ensure roles and responsibilities are current, tools are relevant, and compliance requirements are met. Implement and utilize tabletops to regularly test the effectiveness of your IR plan. Enhance preparedness, efficiency, and confidence among responders. View On-Demand Web NAFCU digital@nafcu.org America/New_York public
Mastering Resilience in Incident Response Plans
preferred partner
DefenseStorm
Webinar
Get daily updates.
Subscribe to NAFCU today.