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Wednesday, July 25, 2012

ABA Urges Senate to Pass Bill Combining Privileged Info & ATM Placard Issues

ABA has urged the Senate to quickly pass a bill (S. 3394) that combines two important issues that have broad bipartisan support: providing legal protection to confidential information provided to the CFPB, and updating the duplicative ATM notice requirement.

James Ballentine, EVP for congressional relations, said in a memo:
The House has passed its versions of bills to address both issues. The House ATM bill (H.R. 4367) passed by a vote of 371-0, while the … CFPB privilege bill (H.R. 4014) passed by voice vote. We urge the Senate to duplicate the House’s efforts by passing S. 3394, which combines these bipartisan measures.
Ballentine explained that S. 3394 would protect the confidentiality of bank exam information given to the CFPB by providing the bureau with the same express rules on protecting privileged information as those already applicable to other federal banking regulators.

The legislation also would protect banks from frivolous lawsuits by repealing the outdated, duplicative requirement that a placard must be attached to ATMs stating that a fee may be charged.

Read the memo.

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