The ATM disclosure bill, H.R. 4367, was approved by unanimous consent by the U.S. Senate on December 11. The bill was unanimously passed by the U.S. House in July. It now goes to President Obama to sign and make law.
Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9) sponsored the bill, which eliminates the requirement that credit unions and other financial institutions place a physical disclosure on ATMs. The bill preserves consumer notification of any potential fees associated with an ATM transaction through an electronic disclosure.
“This was clearly a concern for folks on both sides of the aisle who saw the necessity of fixing current law,” Luetkemeyer stated on his website. “With such overwhelmingly support in Congress, I am hopeful the president will sign this bill into law as soon as possible.”
Congressman Luetkemeyer included the Missouri Credit Union Association in his news release about the bill.
The Missouri Credit Union Association worked in support of this legislation with credit unions, state leagues across the country and the Credit Union National Association.
“This measure is a common sense approach to address a widespread problem regarding physical fee disclosures on ATMs while still protecting consumers,” said Don Cohenour, MCUA interim president/CEO. “Missouri credit unions worked closely with Congressman Luetkemeyer on this issue and commend him for responding with a real-world solution. We are thrilled to see the bill pass the House and Senate, and look forward to it taking effect.”
This legislation 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.
Watch the Missouri Difference, the Missouri Credit Union Association’s website and Facebook pages and action alerts for updates regarding the President’s signature on this bill.