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Senate Financial Reform Bill passes without ATM fee cap amendment
May 20, 2010
The U.S. Senate late Thursday voted 59 to 30 to pass the "Restoring American Financial Stability Act of 2010," known to many as the Financial Reform Bill.
A proposed amendment that would have capped ATM service fees was dropped before the amendment went to its final vote. This development earned a collective sigh of relief from the ATM and financial services industries.
"It would be disastrous to introduce artificial price controls into ATM economics," said ATMIA CEO Mike Lee. He added that the industry should remain cautious as further financial legislation moves forward. The amendment could still be added to the final bill through a process called a "manager's amendment," he warned.
"We need…to engage collectively with the Senate and other branches of government to show what a well-established, well-run, successful industry we are," he said.
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