After Reg Victories, MBL Poised For Defeat
After seeing little to no progress on credit union legislation during the first 11 months of 2012, two regulatory relief bills advanced within 24 hours of each other, with one passing both chambers and awaiting President Obama’s signature.
On Dec. 11, the Senate passed H.R. 4367, which amends the Electronic Funds Transfer Act and removes the placard fee disclosure requirement that has spurred frivolous lawsuits against credit unions and other ATM owners. The bill was passed by unanimous consent after being unanimously passed by the House in July.
Should that bill become law, credit unions would only be required to provide privacy disclosures to members when they first open their accounts and again when the policy changes. Currently, financial institutions are required to send the disclosure annually via mail, regardless of whether it has changed.
Credit union lobbyists have said that while the bill is not controversial, it does lack familiarity in the Senate, so the upper chamber would have to be educated on the issue.