NAFCU and CUNA were applauding on Friday the signing into law of two bills the trade groups had lobbied for: the repeal of the dual fee disclosure for ATMs and the protection of privileged information that financial institutions provide to the Consumer Financial Protection Bureau.
President Barack Obama signed both bills into law on Thursday.
“This is important, meaningful legislation that will have a direct impact on a credit union’s bottom line and their reputation management. NAFCU has fought long and hard for both of these bills and we are pleased the president has acted swiftly to enact them into law,” said NAFCU President/CEO Fred Becker.
The ATM issue had been particularly pernicious to credit unions and banks that had been hit by lawsuits, many of them settled for thousands of dollars. The physical notices on the ATMs often fall victim to weather or vandals, CUNA noted, and now are no longer required. The on-screen notice of fees now suffices.
“On behalf of credit unions nationwide, our thanks to President Obama for signing this legislation which will relieve a frustrating regulatory burden,” said CUNA President/CEO Bill Cheney.
“Importantly, however, it in no way diminishes consumers’ awareness of the fees associated with using the machines. Overall, consumers and the financial institutions they own, credit unions, benefit,” Cheney said.