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Rep. Bachus asks Senate to pass ATM Fee Disclosure

While Alabama and Florida credit unions were in Washington, D.C. for Hike the Hill, House Financial Services Committee Chairman Spencer Bachus sent a letter to Senate Majority Leader Harry Reid asking him to pass ATM Fee Disclosure legislation. Chairman Bachus (R-AL) pointed out that the legislation passed the House by a 371-0 vote and that there were no "meaningful opposition to the bill." Currently financial institutions, including credit unions, are required to have a physical sign at the ATM disclosing fees, however some consumers have been taking the signs down and then suing for non-compliance. Yet, the fees are clearly spelled out on screen during the transaction.

ATM Fee Disclosure legislation has been on a dual path for a few weeks. It's been part of Consumer Financial Protection Bureau (CFPB) legislation and also in a stand alone bill, S. 3204. Chairman Bachus urged Majority Leader Reid to pass the bill as a stand alone writing, "This bill is a model for what Congress should be doing: it's pro consumer, eliminates unnecessary red tape, it fixes a real problem and its bi-partisan." The letter ends with a call for the Senate to pass the bill before the recesses for the election.

Earlier this year, Chairman Bachus took the podium on the House floor urging his colleagues to pass the legislation and to get it to the Senate as quickly as possible. To read the full letter click here.