New ATM Disclosure Requirements to Take Effect
Missouri credit unions will soon be able to implement changes to ATM disclosure requirements. The Consumer Financial Protection Bureau (CFPB) has issued a final rule amending Regulation E. This final rule implements the change in ATM disclosure requirements that was passed by Congress in December. The changes to Regulation E take effect as soon as the final rule is published in the Federal Register, which is anticipated this week.
Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9) sponsored H.R. 4367, which amended the Electronic Fund Transfer Act to eliminate the requirement that credit unions and other financial institutions place a physical disclosure on ATMs. Consumer notification of any potential fees associated with an ATM transaction is retained through an on-screen or paper disclosure.
“Credit unions worked closely with lawmakers to explain the need for this legislation, and we are seeing the result of our hard work,” says Don Cohenour, Missouri Credit Union Association President/CEO. “This is something that will bring a positive impact for credit unions from the very first day of implementation.”
This change will impact the proliferation of lawsuits caused by individuals removing disclosure placards from ATMS, and then suing financial institutions for not complying with the current requirements.