H.R. 4367, a bill that would do away with the physical fee placard notice currently required on ATM machines, was unanimously approved by the House Financial Services Committee this morning and sent on to the House.
According to a report by CUNA, the next step will be a full House vote on the legislation, which could take place soon after the July 4 recess. Committee members expressed their hope that the bill would be approved and moved to the Senate quickly, CUNA said.
Meanwhile, a letter today to members of the ATM Industry Association from David Tente, the new executive director of the U.S. chapter, urged caution against losing sight of the importance of EFTA compliance.
Tente's letter included a statement from ATMIA member Jack Ford, who has been keeping a close eye on fee placard legislation.
"[U]ntil such time as such legislation is adopted and the Reg E external fee sticker notice is actually eliminated, fee sticker liability for these types of lawsuits continues to exist … Even if Reg E is amended, it is doubtful (that) elimination of fee stickers will be backdated.
"Consequently, ATM operators will continue to have exposure," Ford wrote. "In other words, a claimant has a year to file a lawsuit. Assume Reg E is amended October 1, 2012, but an ATM did not have a fee sticker on it as of September 15, 2012, when a person processed a transaction. The claimant could wait until September 14, 2013 to bring a fee sticker lawsuit."
For more on this topic, visit the regulatory issues research center.
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