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New ATM Fee Disclosure Legislation Advances in Both Houses of New York State Legislature

ALBANY, NY – Two of the Credit Union Association of New York’s (CUANY) highest priority bills have advanced to the floors of both the New York State Senate and State Assembly, bringing them one step closer to passage.  The pieces of legislation, A.6234 and S.4363, would help protect New York’s credit unions from frivolous lawsuits by eliminating the requirement of physical fee disclosures on ATMs. This would also bring New York law into conformity with federal statutes.

This progress comes just two weeks after CUANY’s annual Governmental Affairs Conference and lobby day. The Association has made the passage of these bills a priority this year.

“This advancement represents a major step in the right direction in our efforts to reduce the regulatory burden for New York credit unions,” said William Mellin, President/CEO of CUANY. “I encourage our representatives in the Senate and Assembly to support this important legislation.”

Under current law, ATM operators are required to display notices on both the ATM screen and also on the outside of the machine. However, in recent years, numerous disclosure lawsuits have been filed against credit unions and community banks. In many of the cases, vandals peeled off disclosure stickers on ATMs and then sued the financial institution for noncompliance.

The Credit Union Association of New York has served as the trade association for the state’s credit unions for 96 years. New York credit unions have assets of more than $62 billion and serve 4.8 million members. To learn more about the Association, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.

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