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.
The ATM disclosure bill, H.R. 4367, was signed into law by President Obama on Thursday, December 20. The bill eliminates the requirement that ATMs display duplicative signs disclosing fees, a requirement that has created legal and financial issues for some credit unions and other financial institutions. The bill preserves consumer notification of fees through an on-screen notice.
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.
The U.S. House of Representatives overwhelmingly approved the ATM disclosure bill, H.R. 4367, by a vote of 371-0 on July 9. 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 regarding any fee that may be incurred by the ATM user would be required.
Now that the bill has passed the House, it must be voted on by the Senate to move forward.