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Wednesday, December 26, 2012

President Signs into Law ATM and CFPB Bills

The President has signed into law two ABA-supported bills on the confidentiality of information given to the CFPB and to reform the fee disclosure requirements on ATMs.

The CFPB bill (H.R. 4014), introduced by Rep. Bill Huizenga (R-MI), will provide the CFPB with same express rules protecting privileged information as those already applicable to other federal banking regulators.

The ATM placard bill (H.R. 4367), introduced by Rep. Blaine Luetkemeyer (R-MO), would protect banks from frivolous lawsuits by repealing the outdated requirement that a placard must be attached to ATMs stating that a fee may be charged.


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