Missouri credit union representatives were on hand as the House Financial Services Committee approved H.R. 4367, the ATM disclosures bill, by a voice vote on June 27.
"This legislation is the by-product of a significant amount of groundwork being laid by MCUA,” says John McKechnie, League Consultant. “We identified an issue that needed attention, and a member of the Missouri delegation, Congressman Luetkemeyer, who by virtue of his role on the House Financial Services Committee, is in a position to take action. Missouri credit unions made a real difference, and should now look to build on this success."
H.R. 4367 and its Senate counterpart, S. 3204, would eliminate the EFTA requirement for a physical ATM fee disclosure notice. Instead, only an electronic disclosure on the screen of any fee that may be incurred by the ATM user would be required.
"The abusive ATM lawsuits were a real-world problem that credit unions helped flag for Congressman Luetkemeyer, and he is to be commended for responding with a real-world solution,” says Mike Beall, MCUA president/CEO. “MCUA saw an opportunity to partner with the congressman to reduce regulatory burden without harming consumer awareness and stop frivolous lawsuits brought about by lawyers abusing class action lawsuits."
Missouri credit unions expressed strong support for the ATM disclosure bill by sending letters and emails to encourage cosponsors. The Missouri Congressional delegation has stepped up with support for the bill in both the House and Senate. H.R. 4367 was introduced by Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9), and seven of Missouri’s nine U.S. Representatives - including all Missouri members of the House Financial Services Committee - are cosponsors. Both U.S. Senators Claire McCaskill (D) and Roy Blunt (R) are cosponsors of the Senate bill.
"Missouri credit union representatives were able to explain to lawmakers how this bill provides a common sense solution to a growing problem," says Amy McLard, MCUA VP of Federal Legislative Affairs. "During our Hike the Hill, we are able to continue that effort and hope to gain more support for this important bill."
Missouri credit union representatives held meetings with senate and house members in Washington D.C. as part of Hike the Hill to encourage support of credit union issues.
All Missouri cosponsors include:
The House is expected to take up H.R. 4367 in July on the noncontroversial suspension calendar.Photo caption: (L to R) Amy McLard (MCUA), Pat Yokley (CommunityAmerica), Congressman Luetkemeyer and Brian Eyestone (Southpointe).