July 08, 2012

House poised to vote on ATM fix

July 9, 2012 – H.R. 4367, a bill backed by NAFCU to repeal the ATM placard requirement on fee disclosures, is slated for a vote today under suspension of House rules.

The House and Senate both return from a week-long recess today, and both convene at 2 p.m. The House schedule announced by House Majority Leader Eric Cantor, R-Va., says all votes will be postponed until 6:30 p.m.

NAFCU has been lobbying hard to get lawmakers to amend the Electronic Funds Transfer Act to eliminate the outdated and unnecessary requirement to post placards on ATMs regarding fees. The EFTA sets two disclosure requirements: the placard requirement; and the requirement to disclose fees on screen at a point that the consumer can still cancel a transaction.

NAFCU President Fred Becker called on credit unions to contact their lawmakers over the July 4 recess to urge action on H.R. 4367, which now has 145 cosponsors. A similar Senate bill, S. 3204, is gaining support as well.

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.