NAFCU Hails Senate Passage of ATM Disclosure Fix and CFPB Privileged Information Bills
Washington – The National Association of Federal Credit Unions (NAFCU) today hailed the passage by unanimous consent in the Senate a pair of NAFCU-supported House-passed bills that would repeal the dual fee disclosure for ATMs and protect the privileged information financial institutions provided to the Consumer Financial Protection Bureau.
“NAFCU is thrilled that these common sense bills have finally cleared all hurdles,” said Brad Thaler, NAFCU vice president of legislative affairs. “They are important to all financial institutions and we very much appreciate the Senate’s action. We look forward to quick enactment by the president.”
NAFCU was instrumental in building support for H.R. 4367, which would amend the Electronic Funds Transfer Act to remove the requirement for ATM owners to post placards on the machines to disclose possible transaction fees. Consumers would still see fee disclosures on screen before they commit to their transactions, but credit unions would no longer be vulnerable to frivolous lawsuits when placards are stolen or defaced. Under current law, if a placard is missing, the ATM owner is vulnerable to class action that can bring fines of up to $500,000 plus attorney fees and costs.
NAFCU also backed H.R. 4014 which would require the CFPB to keep confidential the privileged information it receives from financial institutions. This would conform federal law with provisions already in place for prudential regulators of credit unions and banks.
The bills passed with bipartisan support and now head to the president’s desk for his signature.
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.