ATM Disclosure Bill Signed by the President
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.
Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9) sponsored the bill after learning more than 500 cases have been filed against financial institutions that have ATMs. Some of those cases involved suspicious activity, where it is believed an individual may have removed the signs or intentionally vandalized the ATM in order to threaten a lawsuit. The Missouri Credit Union Association and credit unions in Missouri worked with Congressman Luetkemeyer in support of this bill.
“This law will protect consumers by cracking down on nuisance lawsuits that have been plaguing institutions and their hard working customers,” Luetkemeyer stated on his website. “I appreciate the bi-partisan support the measure has received in the House and Senate and I want to thank the president for signing this critical measure into law.”
Congressman Luetkemeyer included the Missouri Credit Union Association in his news release about the bill being signed into law.
“Credit unions are the preeminent pro-consumer financial organization,” said Amy McLard, Vice President of Federal Legislative Affairs for the Missouri Credit Union Association. “This bill will protect credit unions from unscrupulous lawsuits that ultimately cost the consumer, and we are very pleased about that. On behalf of Missouri credit unions, we commend Congressman Luetkemeyer for responding to this issue with a real-world solution and we look forward to the bill taking effect.”
Watch the Missouri Difference, the Missouri Credit Union Association’s website and Facebook pages and action alerts for further updates on this bill.