The House voted 371-0 to approve ICBA-advocated legislation to eliminate an unnecessary and burdensome ATM fee disclosure requirement. Under H.R. 4367, financial institutions would no longer have to attach a physical placard to ATMs stating that a fee may be charged.
ICBA has repeatedly urged lawmakers to quickly adopt the measure. The association noted that the disclosure requirement is redundant because a similar and more effective fee notice is provided on the ATM video monitor, which offers a choice to either consent to the fee or cancel the transaction. In communications with lawmakers, ICBA also said that the requirement has led to a large and growing number of frivolous lawsuits because it allows plaintiffs to recover the lesser of $500,000 or 1 percent of the net worth of the ATM operator.
ICBA has been a consistent, leading supporter of the legislation and will continue advocating its full passage. Similar legislation is pending in the Senate.
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