ATM Disclosure Bill Introduced in New York
The Credit Union Association of New York is backing a bill which would eliminate a requirement that fee disclosures be attached to ATM exteriors.
Assemblywoman Annette Robinson, a Brooklyn Democrat and chairman of the Banks Committee, introduced the legislation, the CUANY said.
According to the association, current law requires ATM operators to display notices in two separate locations, both physically on the ATM and electronic notification on the screen, informing consumers that they might be charged fees for withdrawing cash from the ATM.
These exterior disclosures have become the seeds of widespread lawsuits directed at both credit unions and banks around the country.
Robinson’s bill would eliminate the requirement of physical fee disclosures on ATMs, which would bring New York state law into conformity with federal law signed by President Obama last December, the association said.
CUANY President/CEO William J. Mellin noted that CUANY has been advocating aggressively for state passage of this legislation.
“Our state’s law on this issue needs to be modernized, and the introduction of this bill is a significant step in the right direction,” Mellin said. “We commend Assemblywoman Robinson for her leadership, and we will continue to advocate for advancement of the bill in both the Assembly and the Senate.”