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.
The ATM disclosure bill, H.R. 4367, was approved by unanimous consent by the U.S. Senate on December 11. The bill was unanimously passed by the U.S. House in July. It now goes to President Obama to sign and make law.
Missouri U.S. Rep. Blaine Luetkemeyer (R-District 9) sponsored the bill, which eliminates the requirement that credit unions and other financial institutions place a physical disclosure on ATMs. The bill preserves consumer notification of any potential fees associated with an ATM transaction through an electronic disclosure.