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.
NAFCU Vice President of Legislative Affairs Brad Thaler said he has heard no indication that Obama won't sign the bill and added that the because the bill passed unanimously in both chambers, it sends a powerful message that members of Congress found common ground.
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