WASHINGTON-In a letter to the Consumer Financial Protection Bureau, CUNA said the agency has "more than sufficient authority" to help put an end to lawsuits being filed across the country against credit unions over improper ATM disclosures.
Specifically, said CUNA, under the Dodd-Frank Wall Street Reform Act and the Electronic Fund Transfer Act the CFPB can make changes to Regulation E and eliminate the requirement for on-machine ATM fee disclosure notices. Those disclosures are in addition to the fee information that must also be presented on screen.
CUNA noted that in some cases the notices on the outside of machines are being intentionally removed or damaged, an act typically followed by someone shooting photos and later filing suit to argue non-compliance.
"Sound public policy supports removal of the on-machine ATM fee notice requirements given that these notices are replicated on-screen and are of questionable utility to ATM users," wrote CUNA President Bill Cheney.