ATM Placard Bill Gains Momentum in Senate
Senate bill 3394, part of a package that includes legislation to eliminate the ATM placard disclosure requirement that has spurred frivolous lawsuits against credit unions, has gained its 11th co-sponsor.
Sen. Kent Conrad (D-N.D.) signed on as a co-sponsor on Thursday, following Sen. Bob Corker (R-Tenn.), Sen. Joe Manchin (D-W.V.) and Sen. Jeff Merkley (D-Ore.), who became co-sponsors of the bill on Wednesday. A NAFCU news item reported that Corker’s support of the bill was noteworthy, as he had previously opposed a provision in the legislation that would require the Consumer Financial Protection Bureau to keep confidential sensitive data provided by financial institutions. Corker was an original sponsor of a Senate bill introduced in May that intended to eliminate the placard disclosure.
If the bill passes in the Senate, it would have to return to the House for approval before being signed into law by the President.
The legislation would still require ATMs to maintain the on-screen notice about fees and provide consumers with the ability to decline those fees and terminate the transaction.