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WASHINGTON-Five key lawmakers are supporting certain modifications to the Federal Trade Commission’s proposed regulation regarding the disclosures for privately insured depository institutions. Republican House Financial Services Committee Members Deborah Pryce, Bob Ney, Steven LaTourette, and Patrick Tiberi-all from Ohio where American Share Insurance is based-backed ASI-supported changes to the proposal that has been more than a decade in the making, as well as Speaker of the House Dennis Hastert (R-Ill.). In the letter, the legislators wrote, “we would hope that the Commission uses a common sense approach to the regulatory framework.” They explained that Congress has already determined that obtaining in-person signed acknowledgements from each member would be impossible and requested that a law permitting a minimum of three mailings to credit union members in order to obtain the acknowledgement. “Under the new rule, we would urge you to allow new customers, after the rule is finalized, to either sign an acknowledgement card in person or receive three first call mailings urging that the card be signed. In today’s age of Internet banking, even more so than in 1994 (when the law allowing mailings passed), customers no longer visit a branch, a mailing to prospective customers is a practical method for achieving Congress’ intent,” the Speaker and other members of Congress stated. Second, they counseled against requiring disclosures on ATMs. “Many credit unions are members of ATM networks that have locations in hundreds of diverse locations, such as other bank branches, airports, convenience stores, etc.,” they wrote. “Further we have all become accustom to using virtually any ATM to do banking transactions.” Finally, they said the same logic should apply to deposit slips, which are printed in large quantities. “We would also ask that you pay careful attention to the views of the Illinois and Ohio credit unions that are commenting on this rule,” the letter concluded.

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