House could vote on ATM bill today (Misc News: July 9, 2012)
Legislation that would eliminate duplicative ATM regulations could come up for a vote today in the U.S. House.
The bill, H.R. 4367, would eliminate portions of Regulation E that require financial institutions to display a physical notice on ATM. Under the bill, ATMs would be required to have on-screen disclosures and give consumers a choice of opting out of such a fee.
The physical ATM notices have caused problems for some ATM operators because they are sometimes removed or destroyed, sometimes intentionally, leading to frivolous lawsuits. Pictures taken of the ATMs without the physical notices have been used as evidence of noncompliance.
The House Financial Services Committee unanimously approved the bill last month. CUNA News Now reported that the bill had 145 cosponsors in the House.
Michigan has nine cosponsors in the House: Reps. Tim Walberg, R-Tipton; Bill Huizenga, R-Zeeland; Sander Levin, D-Royal Oak; Dale Kildee, D-Flint; Hansen Clarke, D-Detroit; John Dingell, D-Dearborn; Candice Miller, R-Harrison Twp.; Fred Upton, R-St. Joseph, and Gary Peters, D-Bloomfield Hills. In the upper chamber, Sen. Debbie Stabenow, D-Lansing, has signed on a cosponsor.
CUNA President/CEO Bill Cheney called the bill is "a common-sense solution that will alleviate an unnecessary compliance burden and reduce instances of baseless litigation."