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Senators co-sponsoring ATM legislation

All four senators from Alabama and Florida are co-sponsoring ATM Fee Disclosure legislation. However, the legislation is a bit complicated right now. Sen. Marco Rubio (R-FL) is the 16th senator to co-sponsor  S. 3394, the ATM Fee Disclosure legislation. Sens. Bill Nelson (D-FL) and Richard Shelby (R-AL) are also co-sponsoring the bill that is coupled with some language from the Consumer Financial Protection Bureau (CFPB).

The House version of ATM Fee Disclosure legislation passed two weeks ago by a 371-0 vote. Once in the senate, it has become attached to legislation for reporting for the CFPB. However, the original Senate bill, S. 3204 is still active and gaining co-sponsors, as well. Of the 52 senators who are co-sponsoring the bill, all four from Alabama and Florida are on the bill. Sen. Jeff Sessions (R-AL), Shelby, Rubio and Nelson have put their name on the bill.

The ATM Fee Disclosure legislation would amend Reg. E making it unnecessary to display ATM fees on the outside of the ATM machine. The fees are already displayed on the screen before a transaction is approved. Many financial institutions are being sued for failure to comply with the regulation after the physical signs are being torn down. This is a good example of doubling up on regulations causing burdensome compliance. 

Both bills remain active, but no timetable has been set on the next steps.