On the recordJuly 9, 2012
Today, we are considering one of the most commonsense bills seen in some time. This bill provides a real solution to a real problem that is impacting banks, credit unions, and merchants nationwide. Regulation E currently mandates that ATM fee disclosures appear both in physical placard or in sticker form on the machines as well as through an on-screen electronic notification. Unfortunately, some individuals have seen the potential to make a quick buck off a frivolous claim and have begun to remove stickers from ATMs across the country, thereby placing financial institutions and merchants out of compliance. This is exactly what has happened to some small financial institutions in my district and throughout Missouri. Someone was traveling through the State, removing stickers from ATM machines, and then was offering to settle with the banks for several thousands of dollars per machine or the banks would face lawsuits. The premise of this bill is simple: to eliminate an outdated and unnecessary regulatory burden facing merchants and financial institutions while continuing to ensure consumer protections for all ATM users through required on-screen fee disclosures. It is important to recognize that the Consumer Financial Protection Bureau has also expressed interest in eliminating this duplicative fee disclosure requirement. In December of 2011, the CFPB asked the public to comment on the elimination of this requirement.…
