New York Lawmakers Advance ATM Disclosure Bills
The Credit Union Association of New York said this week that bills that would eliminate ATM fee disclosure regulations have advanced in the state Senate and Assembly, bringing the proposed legislation a step closer to passage.
Current law requires ATM operators to display notices in two separate locations, both physically on the ATM and with an electronic notification on the screen, informing consumers that they might be charged fees for withdrawing cash from the ATM.
However, in some cases, vandals have removed the physical disclosure, followed by lawsuits against the financial institutions for noncompliance. To protect themselves from lawsuits, credit unions have had to spend time and money documenting their compliance and fighting frivolous lawsuits, according to CUANY.