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Credit union trade associations are praising legislation introduced Tuesday by House Financial Services Committee members Rep. Blaine Luetkemeyer (R-Mo.) and David Scott (D-Ga.) that would protect credit unions from frivolous lawsuits that occur when required physical fee disclosures are removed from ATMs.

Regulation E requires ATM operators to provide two separate fee notices to consumers: electronic and physical. If a physical placard is not attached to the ATM, class action plaintiffs can recover huge settlements plus attorneys’ fees and costs.

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