The Senate passed H.R. 4367, legislation that amends the Electronic Funds Transfer Act and removes a requirement mandating the placement of a placard fee disclosure at ATMS, by a by voice vote on Tuesday.
The legislation, which has led to numerous lawsuits against credit unions and other ATM operators, will now go to President Obama for approval, Credit Union Times reports.
“With today’s Senate action, the way is clear for credit union ATMs to no longer have to carry a physical disclosure notifying consumers of the potential imposition of fees for the use of the machine,” Bill Cheney, the president and CEO of the Credit Union National Administration, said, according to Credit Union Times. “Perhaps even more significantly, this measure represents a substantial realization of regulatory relief that will have an impact on every credit union that owns an ATM, while having no adverse effect on consumers.”
Additionally, the Senate passed H.R.4014 on Tuesday, which would protect the confidentiality of privileged information collected by the CFPB from financial institutions. The provision is already in effect for other federal regulators.
“While there is much more work to be done to fix Dodd-Frank, H.R. 4014 is a common-sense reform that protects taxpayers by ensuring the CFPB cannot share sensitive information with other entities,” Rep. Bill Huizenga (R-Mich.), the sponsor of the bill, said, 4-Traders reports. “H.R. 4014 essentially will function in the same manner as ‘attorney-client’ privilege, meaning any information shared with the CFPB stays there. In today’s day and age, ensuring that privileged information remains protected is paramount, and H.R. 4014 does that.”