New York Gov. Andrew Cuomo signed legislation Thursday that eliminates the requirement of physical fee disclosures on ATMs.
The legislation, effective immediately, brings New York state law into conformity with the federal law signed by President Barack Obama last December, according to the Credit Union Association of New York in Albany.
The CUANY said it has been advocating aggressively for the state legislation because burdensome ATM fee disclosure regulations have created legal and financial issues for many credit unions. Lawsuits also have been an issue.
The Assembly bill was introduced by Assemblywoman Annette Robinson (D-Metropolitan), and the Senate bill was introduced by Sen. Joseph Griffo (R-Utica-Rome/Central).
“We commend Gov. Cuomo, Assemblywoman Robinson and Senator Griffo for their outstanding leadership and support on this important issue,” said CUANY President/CEO William J. Mellin. “In addition, I want to acknowledge the grassroots efforts of many credit union leaders, which played an important role in this legislative victory.”