The National ATM Council, the nation's leading trade association representing U.S. independent ATM providers, reported Monday it has filed reply comments with the Consumer Financial Protection Bureau supporting the CFPB's proposed elimination of redundant ATM disclosures.
“The requirement to post a 'fee notice' on the exterior of ATMs is confusing for consumers and furthers no legitimate consumer protection goals. The fee sticker is as a practical matter now 'universal' on ATMs and thus does not allow consumers to differentiate between ATMs charging a fee and those that do not — which was the basis for the regulation in the first place,” said NAC Executive Director Bruce Renard.
Renard said that the external sticker requirement provides a perverse incentive for litigious individuals to remove or deface the existing sticker and then sue.
“The CFPB's proposal to eliminate the external posting requirement represents sound policy and is clearly in the public interest,” he said.
The NAC supports elimination of ATM placard disclosures both administratively and legislatively. In addition to comments filed with the CFPB, the group also said it supports H.R. 4367 and S. 3204, both bills that would eliminate the disclosure requirement.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
