Tuesday evening the U.S. Senate passed
H.R. 4367, the ATM Fee Disclosure legislation, by unanimous vote. The bill eliminates the requirement under the Electronic Fund Transfer Act that ATMs carry a physical disclosure of potential fees on the outside of the machine while also disclosing the fees on the ATM's screen. Senate passage means the bill now heads to the president's desk. He's expected to sign it into law.
The bill means that credit unions will no longer have to send staff out to photograph their ATMs to demonstrate compliance with an outdated regulatory requirement, and they will no longer be sued because someone removed the physical placard. It’s an important step forward and was made possible by the combined effort of CUNA, state leagues and credit unions.
This is a significant victory for credit unions as it reduces regulatory burden. A short history of the bill shows that it was the direct result of a credit union CEO attending Hike the Hill last year and raising this issue with CUNA. The legislation passed both the House and the Senate without a single “no” vote.
The Senate also approved H.R.
4014, a bill that protects the privilege of information submitted to the Consumer Financial Protection Bureau (CFPB). This is a technical correction to the Dodd-Frank Act.