House bill H.R. 4367, which would eliminate a disclosure placard requirement on ATMs that has spurred frivolous lawsuits against credit unions, is scheduled for a June 27 mark up by the House Financial Services Committee, CUNA and NAFCU reported Monday.
Both trade organizations support the legislation.
The bill was introduced April 17 by Rep. Blaine Luetkemeyer (R-Mo.) and Rep. David Scott (D-Ga.) and has 95 cosponsors. A similar bill in the Senate, S. 3204, was introduced May 17 by Sen. Michael Johanns (R-Neb.) and has eight cosponsors.
CUNA Senior Vice President of Legislative Affairs Ryan Donovan said the trade's lobbyists and leagues have met with a majority of the members of the financial services committee to discuss the legislation.
“We hope that the bill will see floor consideration soon after the mark up,” Donovan said.
Both HR 4367 and S. 3204 would revise the Electronic Funds Transfer Act and its implementing rule, Regulation E, by eliminating the requirement of ATM operators to provide two separate notices to consumers regarding the imposition of a fee for the use of the ATM.
If the legislation passes, institutions would only be required to provide notices of fees on screen at a point when consumers can still cancel their transactions.
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