The Credit Union Association of New York said this week thatbills that would eliminate ATM fee disclosure regulations haveadvanced in the state Senate and Assembly, bringing the proposedlegislation a step closer to passage.
|The bills, New YorkAssembly Bill 6234 and New York Senate Bill 4363,would drop the requirement of physical fee disclosures on ATMs andbring state law into conformity with federal law.
|Current law requires ATM operators to display notices in twoseparate locations, both physically on the ATM and with anelectronic notification on the screen, informing consumers thatthey might be charged fees for withdrawing cash from the ATM.
|However, in some cases, vandals have removed the physicaldisclosure, followed by lawsuits against the financial institutionsfor noncompliance. To protect themselves from lawsuits, creditunions have had to spend time and money documenting theircompliance and fighting frivolous lawsuits, according to CUANY.
|President Barack Obama signed a similar bill into federal law in December. Nebraska also haspassed a state law eliminating the physical disclosurerequirement.
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