Credit unions received some good news from Capitol Hill lateTuesday when the Senate passed H.R. 4367, a bill that amends theElectronic Funds Transfer Act and removes the placard feedisclosure requirement that has spurred frivolous lawsuits against credit unions and other ATMowners.
|The bill was passed by unanimous consent in the Senate afterbeing passed by the House in July, and now moves to President Obama'sdesk for his signature.
|Also passed by the Senate Tuesday was H.R. 4014, which wouldkeep confidential the privileged information the Consumer FinancialProtection Bureau receives from financial institutions. Theprivileged information law is already in place for bank and creditunion regulators.
|CUNA President/CEO Bill Cheney said in a release that creditunions have been relieved of a frustrating regulatory burden.
|“With today's Senate action, the way is clear for credit unionATMs to no longer have to carry a physical disclosure notifyingconsumers of the potential imposition of fees for the use of themachine,” Cheney said. “Perhaps even more significantly, thismeasure represents a substantial realization of regulatory reliefthat will have an impact on every credit union that owns an ATM,while having no adverse effect on consumers.”
|NAFCU Vice President of Legislative Affairs Brad Thaler said ina release that his trade association is thrilled the bills havefinally cleared all legislative hurdles.
|“They are important to all financial institutions and we verymuch appreciate the Senate's action. We look forward to a quickenactment by the president,” Thaler said.
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