Credit unions received some good news from Capitol Hill late Tuesday when the Senate passed H.R. 4367, a bill that amends the Electronic Funds Transfer Act and removes the placard fee disclosure requirement that has spurred frivolous lawsuits against credit unions and other ATM owners.
The bill was passed by unanimous consent in the Senate after being passed by the House in July, and now moves to President Obama's desk for his signature.
Also passed by the Senate Tuesday was H.R. 4014, which would keep confidential the privileged information the Consumer Financial Protection Bureau receives from financial institutions. The privileged information law is already in place for bank and credit union regulators.
CUNA President/CEO Bill Cheney said in a release that credit unions have been relieved of a frustrating regulatory burden.
“With today's Senate action, the way is clear for credit union ATMs to no longer have to carry a physical disclosure notifying consumers of the potential imposition of fees for the use of the machine,” Cheney said. “Perhaps even more significantly, this measure represents a substantial realization of regulatory relief that will have an impact on every credit union that owns an ATM, while having no adverse effect on consumers.”
NAFCU Vice President of Legislative Affairs Brad Thaler said in a release that his trade association is thrilled the bills have finally cleared all legislative hurdles.
“They are important to all financial institutions and we very much appreciate the Senate's action. We look forward to a quick enactment by the president,” Thaler said.
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