A bill that would eliminate an ATM disclosure requirement passed the House last week, but will have to return before becoming law, thanks to a new package created in the Senate Tuesday.
The new bill, S. 3394, was introduced by Senate Banking Committee Chairman Tim Johnson (D-S.D.) and Ranking Member Richard Shelby (R-Ala.), and combines the repeal of the ATM placard disclosure requirement with a provision that would require the Consumer Financial Protection Bureau to keep confidential sensitive data provided by financial institutions.
"Our staff, working with the ATM coalition, has had numerous conversations with committee staff and other senators' staff with the aim of having this legislation fast-tracked through the Senate by unanimous consent. We are very pleased with the response from senators and our thanks to Chairman Johnson for his specific efforts," said CUNA spokesman Pat Keefe.
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If the bill passes the Senate, it would have to return to the House for approval before advancing to the White House. However, according to a NAFCU release, because the House has already passed both the ATM fix and CFPB provision, odds are good it would pass again.
"The hope is that this new bill can be moved by unanimous consent in coming days," said Brad Thaler, NAFCU's vice president of legislative affairs.
Under current law, ATM operators are required to post a placard that discloses transaction fees to members, in addition to a separate electronic disclosure. This redundant regulatory requirement has created lawsuits when individuals remove or vandalize the sign and consequently sue.
The legislation would still require ATMs to maintain the on-screen notice about fees and provide consumers with the ability to decline those fees and terminate the transaction.
John McKechnie, a partner at Total Spectrum, a Washington consulting firm, said the CFPB provision was "caught up in the undertow" of bureau controversy this past spring, but the new combined bill "represents a good faith effort to break any impasse over CFPB."
"The fact that you have the top Democrat and Republican on the Senate Banking committee is a very encouraging sign," he said.
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