WASHINGTON (7/19/12)--Legislation that would ease the burdensome ATM fee disclosure regulations that have created legal and financial issues for many credit unions is now working its way through the Senate, bringing an ATM fix closer to a final vote.
The most recent Senate ATM action took place this week. Language that would revise Regulation E to only require ATM fee disclosures to be presented on an ATM's screen was combined with a Consumer Financial Protection Bureau (CFPB) provision. The CFPB provision would address how the agency handles information from entities it regulates.
The ATM and CFPB bill, known as S. 3394, was introduced by Senate Banking Committee Chairman Tim Johnson (D-S.D.) and ranking committee member Richard Shelby (R-Ala.) on Tuesday.
Sens. Jon Tester (D-Mont.), Sherrod Brown (D-Ohio), Claire McKaskill (D-Mo.), Mike Crapo (R-Idaho), Mike Johanns (R-Neb.) and Kay Hagan (D-N.C.) have also signed on to cosponsor the bill.
Interested parties are working to ensure that all Senators are supportive of this measure before it moves forward.
CUNA President/CEO Bill Cheney recently encouraged the Senate to take up ATM disclosure legislation as soon as possible and provide credit unions with much needed regulatory relief.
H.R. 4367, a House bill that only addressed ATM fee disclosure issues, passed the House last week by a 371 to 0 vote.