News

ATM placard bill set for House mark up

June 11, 2012

House bill H.R.4367 — the national legislation that would remove the risk of frivolous lawsuits against the financial industry by removing the physical fee placard requirement on ATMs — is moving ahead in Congress.

H.R.4367 was introduced in Congress on April 17 of this year. The bill is sponsored by Rep. Blaine Luetkemeyer (R-Mo.) and Rep. David Scott (D-Ga.) and has 95 cosponsors.

The House bill is scheduled for a June 27 mark-up by the House Financial Services Committee, said a story at CU Times.

A similar U.S. Senate bill, S.3204, has been referred for consideration to the Senate Committee on Banking, Housing, and Urban Affairs. This bill was introduced on May 17 by Sen. Michael Johanns (R-Neb.) and has eight cosponsors. It would also eliminate the fee placard notice requirements found in Reg. E of the EFTA Act.

CUNA Senior Vice President of Legislative Affairs Ryan Donovan said in the report that the trade’s lobbyists and leagues have met with a majority of the members of the financial services committee to discuss the legislation.

“We hope that the bill will see floor consideration soon after the mark up," Donovan said.

For more on the topic, visit the regulatory issues research center.