Credit Union Supported ATM Disclosure Bill Signed
New York Gov. Andrew Cuomo Thursday signed credit union-supported legislation that eliminates the requirement of physical fee disclosures on ATMs and brings state law into conformity with the federal law signed last December by President Barack Obama.
The Credit Union Association of New York said it has been advocating aggressively for the state legislation, citing burdensome ATM fee disclosure regulations that created legal and financial issues for many credit unions.
The Assembly bill was introduced by Assemblywoman Annette Robinson (D-Metropolitan), and Sen. Joseph Griffo (R-Utica-Rome/Central) introduced the Senate bill.
“We commend Gov. Cuomo, Assemblywoman Robinson and Sen. Griffo for their outstanding leadership and support on this important issue,” said CUANY President/CEO William J. Mellin. He acknowledged “the grassroots efforts of many credit union leaders, which played an important role in this legislative victory.”
Credit unions and other financial institutions across the nation had experienced nuisance lawsuits from people who would remove the notices from the ATMs, then claim disclosure violations. The Credit Union National Association and state leagues advocated strongly for an amendment to the Electronic Funds Transfer Act, and the Consumer Financial Protection Bureau in March implemented a rule to eliminate redundant ATM disclosures.continue reading »