The National ATM Council, the nation’s leading trade association representing U.S. independent ATM providers, reported Monday it has filed reply comments with the Consumer Financial Protection Bureau supporting the CFPB’s proposed elimination of redundant ATM disclosures.
“The requirement to post a ‘fee notice’ on the exterior of ATMs is confusing for consumers and furthers no legitimate consumer protection goals. The fee sticker is as a practical matter now ‘universal’ on ATMs and thus does not allow consumers to differentiate between ATMs charging a fee and those that do not — which was the basis for the regulation in the first place,” said NAC Executive Director Bruce Renard.
Renard said that the external sticker requirement provides a perverse incentive for litigious individuals to remove or deface the existing sticker and then sue.
“The CFPB’s proposal to eliminate the external posting requirement represents sound policy and is clearly in the public interest,” he said.
The NAC supports elimination of ATM placard disclosures both administratively and legislatively. In addition to comments filed with the CFPB, the group also said it supports H.R. 4367 and S. 3204, both bills that would eliminate the disclosure requirement.