Friday, February 10, 2012

Repeal Outdated ATM Disclosure Requirements

ABA, CUNA and five other trade groups asked the House Financial Services and Senate Banking Committees to pass a bill repealing the outdated requirement that a placard must be attached to ATMs stating that a fee may be charged.

The disclosure is duplicative because the actual fee also appears on the ATM monitor, the trade groups said in a letter. The "requirement ... has encouraged a large and growing number of frivolous lawsuits across the nation" that could reduce both the number of ATMs and consumer convenience, they said.

The trade groups explained that if the placard isn't attached, Regulation E permits successful class action plaintiffs to recover the lesser of $500,000 or 1 percent of the ATM operator's net worth plus attorneys’ fees and costs.

Read the letter.
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