President Signs ATM, CFPB Bills

President Barack Obama Thursday signed credit union-backed ATM legislation into law, reversing duplicative requirements that financial institutions place physical fee disclosures in addition to the electronic messages consumers see.

H.R. 4367 was supported by the Northwest Credit Union Association (NWCUA) and the Credit Union National Association (CUNA) after many of their member credit unions were hit with predatory lawsuits by repeat litigators who searched for machines where the physical signage was missing or had been stolen.

“It’s nice to see Congress pass a common sense regulatory relief bill,” said Jennifer Wagner, vice president of legislative affairs for the NWCUA. Wagner joined a delegation of Northwest credit union advocates for a Hike the Hill trip just weeks ago as the bill was passed. “This law will have a direct impact on our credit unions, and prevent them from having to spend time and money defending themselves against frivolous lawsuits.”

President Obama also signed H.R. 4014, which will ensure groups or individuals supplying information to the Consumer Financial Protection Bureau (CFPB) will not waive their right to privacy protection.

Questions? Contact a member of the Association’s Legislative Affairs team:

Jennifer Wagner, Vice President of Legislative Advocacy
Mark Minickiello, Vice President of Legislative Affairs
Pam Leavitt, Policy Advisor

Posted in Compliance News, Compliance News, NCUA, NWCUA.