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Wednesday, July 18, 2012

New Bill Combines ATM, CFPB Privilege Legislation

Senate Banking Committee Chairman Tim Johnson (D-SD) introduced a bill (S. 3394) yesterday that combines two ABA-supported measures – the ATM placard legislation and the bill concerning privileged information provided to the Consumer Financial Protection Bureau (CFPB). The House already has passed its versions of both bills (H.R. 4367, H.R. 4014).

The ATM legislation would repeal the unnecessary and duplicative requirement that a placard must be attached to ATMs stating that a fee may be charged. The CFPB privilege legislation would protect confidential bank examination information provided to the CFPB by providing the Bureau with the same express rules on privilege of information as those already established at the federal banking regulators.

The new, combined bill is cosponsored by Banking Committee Ranking Member Richard Shelby (R-AL) and Sens. Sherrod Brown (D-OH), Mike Crapo (R-ID), Kay Hagan (R-NC), Mike Johanns (R-NE), Claire McCaskill (D-MO), and Jon Tester (D-MT).

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