WASHINGTON (4/23/12)--Reps. Blaine Luetkemeyer (R-Mo.) and David Scott (D-Ga.) are asking their House colleagues to sign on in support of their bill, introduced last week, that would ease current ATM fee disclosure regulations to cut bogus lawsuits against ATM operators.
Current law requires all ATM operators to display both a physical placard on the machine and to provide an electronic disclosure of a fee that an ATM user may incur.
The lawmakers' joint letter explains, "Recently, some have found it advantageous to remove the physical placard and sue (or threaten to sue) financial institutions and merchants for noncompliance of the requirement.
"This is despite the fact that the electronic disclosure goes above and beyond the physical disclosure in that it not only informs the user there is a fee, but what that fee is, and then requires the user to affirmatively accept the fee."
Under H.R. 4367, supported by the Credit Union National Association (CUNA), ATMs would only be required to display the ATM disclosures on a screen, and give ATM users the choice of opting in to such a fee. The physical ATM fee disclosure notice requirement would be eliminated.
"Our bill eliminates an outdated and unnecessary regulatory burden on all financial institutions while continuing to ensure consumer protections for all ATM users through mandated on-screen fee disclosures," Luetkemeyer and Blaine wrote, urging support.
CUNA last week sent a etter of support to Luetkemeyer and Scott, calling the bill common sense legislation that will reduce regulatory burden without harming ATM users.
The bill currently has the following six co-sponsors: Reps. Francisci Canseco (R-Texas, Michael Grimm (R-N.y.), Ted Poe (R-Texas), David Schweikert (R-Ariz.), Scott, and Lynn Westmoreland (R-Ga.)