One week after the U.S. Senate passed H.R. 4367 legislation eliminating the requirement to post a fee notice at ATMs, the bill has been signed into law by President Barack Obama.
A news release from the office of White House Press Secretary Jay Carney listed the bill as one of seven signed yesterday afternoon by the president.
"On Thursday, December 20, 2012, the President signed into law ... H.R. 4367, which eliminates the requirement that automated teller machine (ATM) operators post notice of a service fee on or at the ATM equipment, while retaining the requirement that such a notice be posted on the ATM screen or by a paper notice issued from the ATM," the release said.
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ATM industry groups, retail trade associations, banking and credit union groups and others have worked diligently during 2012 to shepherd the legislation through Congress.
The bill was introduced on April 17 in the House by U.S. Rep. Blaine Leutkemeyer, R-Mo., with co-sponsorship by Rep. David Scott, D-Ga. Once out of committee, H.R. 4367 passed easily in a unanimous House vote on July 9, but was bogged down in the Senate when an unrelated and politically divisive rulemaking issue was added to a new Senate version (S. 3394) of the legislation.
Following the Nov. 7 general election, the Senate abandoned its reworded bill and, in a unanimous vote on Dec. 11, passed the House version as written, forwarding it to the president's desk, where it received final passage.
"[T]his is great news for our industry and should eventually eliminate the most egregious source of frivolous lawsuits for ATM owners, operators and deployers," said David Tente, executive director of the U.S. chapter of the ATM Industry Association, in a statement following the enactment of H.R. 4367.
It remains to be seen what effect recent events will have on lawsuits currently before the courts, alleging violations of the now-defunct Reg E fee placard requirement.
"For those [industry] members who remain involved in Reg E litigation, it is hoped that the courts will consider the change in the law as part of their deliberations," Tente said in the ATMIA statement. "ATMIA engaged the Waller law firm to write an amicus brief relative to Reg E fee sticker cases, which can be filed in most cases that reach the appeals court." Parties interested in obtaining the brief are invited to contact Tente.
For more on this topic, visit the regulatory issues research center.
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