News

Senate readying fee placard bill

July 19, 2012

Following approval of a House version last week, the Senate is now working toward final wording on its own bill to eliminate the duplicative and litigation-prone ATM fee placard rule.

According to a report by CUNA, the Senate took action this week to combine the fee placard language with a provision by the Consumer Financial Protection Bureau concerning its handling of information from the entities it regulates.

The ATM and CFPB bill, S. 3394, was introduced on Tuesday by Senate Banking Committee Chairman Tim Johnson (D-S.D.) and ranking committee member Richard Shelby (R-Ala.). As yet, a date for full senate action on the bill has not been set.

In a vote last Monday evening, the U.S. House of Representatives unanimously approved H.R. 4367: "To amend the Electronic Fund Transfer Act to limit the fee disclosure requirement for an automatic teller machine to the screen of that machine."

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