While the blogsphere is today ablaze with equal parts rage and glee over the decision of the SCOTUS to uphold (most of) Obamacare, some of us took note of the fact that a bill moved out of a House committee that could help squelch a rash of lawsuits, some legitimate and some questionable, arising out missing physical fee notices on ATMs. The ever-vigilant folks at the NAFCU are keeping their eyes peeled for progress on this score, since credit unions, as well as banks, are being targeted by attorneys who specialize in discovering missing notices on ATMs in all regions of the country.
The House Financial Services Committee voted [yesterday] morning to report out H.R. 4367, a bill sought by NAFCU to repeal the ATM placard requirement on fee disclosures under the Electronic Funds Transfer Act. The bill awaits House action.
As of Tuesday, H.R. 4367 has 130 cosponsors. A similar measure, S. 3204, has 18.
H.R. 4367, introduced by Reps. Blaine Luetkemeyer, R-Mo., and David Scott, D-Ga., had 130 cosponsors as of Tuesday. A similar Senate measure, S. 3204, has 18 cosponsors.
In a highly partisan year, it's nice to see that at least some legislation that could do banks some good isn't completely dead in the water. We'll see how this fares during the rest of this long, hot summer.
This is going to take a Congressional fix because it doesn't appear to be anywhere on the CFPB's agenda for a regulatory solution, notwithstanding some previous tongue-in-cheek "wishing" to the contrary.