CU Insight

Patty Briotta
PR Manager
703-842-2820
pbriotta@nafcu.org

WASHINGTON – The National Association of Federal Credit Unions (NAFCU) praised the House passage tonight of H.R. 4367, which would repeal the duplicative ATM placard disclosure requirement. The measure, passed by a vote of 371-0, is now headed to the Senate for further action.

“NAFCU has been working diligently to advocate passage of this common-sense measure that eliminates the incentive for frivolous lawsuits while preserving a disclosure mechanism to ensure consumers‘  interests,” said NAFCU President and CEO Fred R. Becker, Jr.  “We thank the House for passage and urge the Senate to quickly act to pass this legislation.”

A Senate version of the bill, S. 3204, awaits action in the Senate.

H.R. 4367 would amend the Electronic Funds Transfer Act to eliminate the outdated and unnecessary requirement to post placards on ATMs regarding fees. Another requirement – to disclose fees on screen at a point that the consumer can still cancel a transaction – would remain intact.

The placard requirement has been at the root of an increasing number of lawsuits targeting ATMs where placards have been taken or defaced. A missing placard can open an ATM owner to fines of up to $500,000 plus lawyers’ fees and expenses.

The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.

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The National Association of Federal Credit Unions is the only national organization that focuses exclusively on federal issues affecting credit unions, representing its members before the federal government and the public.