Berger urges Senate action on ATM fix
June 28, 2012 – NAFCU Executive Vice President of Government Affairs Dan Berger turned attention to the Senate Banking Committee Wednesday in seeking forward action on a bill to repeal the ATM placard requirement on fee disclosure.
The House Financial Services Committee approved H.R. 4367 yesterday by voice vote; the bill awaits House action. Berger urged Senate Banking to move expeditiously on the similar S. 3204.
"NAFCU is hopeful that the Senate will also act swiftly on this issue," Berger wrote. "As evidenced by broad bipartisan support in the House Financial Services Committee, this is a common-sense fix that will provide relief to credit unions and their 94 million members that rely on basic financial services such as ATM access."
Over the last 18 months, the number and cost of lawsuits associated with the current placard disclosure requirement have risen precipitously. "If unchecked, these lawsuits will threaten the economic viability of ATM operators and may result in reduced consumer convenience," Berger urged.
ATM operators are open to possible class action that could cost them up to $500,000 plus attorneys' fees and costs when a placard is removed or vandalized. Both H.R. 4367 and S. 3204 would retain the requirement to disclose fees on screen, when they consumer can still cancel a transaction.
Management & Operations
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Credits: NCCO, NCRM, NCBSO, CPE
Add to Calendar 2021-06-15 14:00:00 2021-06-15 14:00:00 CU Case Study: Growing Your Consumer Loan Portfolio and Gaining New Members About the Webinar According to the NCUA, credit unions experienced a 20% annual increase in total deposits in 2020. Meanwhile, current economic conditions have credit unions struggling to find qualified member borrowers, leading to a capital surplus without viable investment options. To buck the trend, many credit unions have partnered with fintech companies to grow their consumer loan portfolio by finding more creditworthy borrowers and gaining new members. Discover how your credit union can tap into this opportunity to quickly increase consumer lending to more creditworthy borrowers with minimal upfront costs. In this webinar, Brent McCoy, Vice President of Credit Administration, KEMBA Financial Credit Union, will share how KEMBA is putting its cash to work to grow its consumer loan portfolio while gaining new members. 3 Key Takeaways: Learn how KEMBA Financial Credit Union originates loans digitally as a complement to its existing offerings to acquire more borrowers, without disrupting its branch network or processes. Discover how KEMBA Financial Credit Union maintained control of its risk profile and monitored loan performance during the pandemic. Learn how credit unions can use sophisticated machine learning models to more accurately identify risk and approve more applicants than traditional, credit score-based lending models. Watch the Webinar On-Demand Web NAFCU email@example.com America/New_York public
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