Missouri’s Luetkemeyer Sponsors ATM Disclosure Bill
U.S. Rep. Blaine Luetkemeyer (R-District 9), together with U.S. Rep. David Scott (D-GA), has introduced H.R. 4367, a bill that will amend the Electronic Fund Transfer Act regarding ATM disclosures. Currently, financial institutions providing ATM services must display a physical disclosure on the ATM, as well as electronic notification on the screen. Under H.R. 4367, only an electronic disclosure on the screen would be required. The physical ATM fee disclosure notice requirement would be eliminated.
While maintaining important consumer protections, this helps protect credit unions from frivolous lawsuits. A growing problem across the country finds individuals removing the physical disclosures from ATMs, and then filing lawsuits against financial institutions for failure to comply with the disclosure requirements.
The bill was introduced on April 17. The Missouri Credit Union Association wrote a letter in support of HR 4397 to Congressman Luetkemeyer. Click here to view the letter.
More information about the bill is available online: http://hdl.loc.gov/loc.uscongress/legislation.112hr4367.