Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

CU System
Nebraska legislature passes CU-supported ATM disclosure bill
OMAHA, Neb. (2/12/13)--The Nebraska State Legislature, in a 47-0 vote Monday, passed a bill to eliminate the requirement for a physical disclosure on ATMs notifying consumers of fees they may incur while using the ATM. The bill was supported by Nebraska's credit unions.

"Credit unions appreciate and support sound regulations that protect consumers and promote fair play in the marketplace," said Nebraska Credit Union League Director of Governmental Affairs Brandon Luetkenhaus during testimony at a Jan. 22 public hearing on the measure before the state Banking, Commerce and Insurance Committee.

"However, sometimes well-intended regulation can be unnecessary and burdensome, and we believe that's the case with these physical disclosures," he said.

Luetkenhaus cited that LB 100 would eliminate the physical disclosure but keep in place the requirement for an electronic notification.

LB 100 was introduced on Jan. 10 by state Sen. Dan Watermeier (NP-District 1).  It follows legislation passed unanimously by Congress late in 2012 that eliminated the physical disclosure on ATMs. That measure was backed by the Credit Union National Association.

Nebraska, Illinois, Nevada, New York, Vermont and Wyoming were the only states with statutues requiring the dual disclosures.  Nebraska is the first to amend its statute to conform with the fedearl law.

Congress' ATM bill, H.R. 4367, was the result of a CUNA/league-sponsored Hike the Hill event. CUNA, leagues and credit unions had noted that outside notices on ATMs were sometimes being intentionally removed or destroyed without the financial institution's knowledge. Perpetrators would then photograph the vandalized ATM and allege the financial institution was not in compliance with Regulation E.

Nebraska's LB 100 included an emergency clause that would cause the bill to go into effect immediately upon receiving the signature of Gov. Dave Heineman.
RSS





print
News Now LiveWire
.@CUNA says new House bill is "further evidence" of lawmakers' interest in how @TheNCUA uses its funds from CUs. See News Now Monday.
13 hours ago
.@MECreditUnions announces winner of @YoungFreeME #SoundOff contest. @Sassquatch_Band will play Old Port Festival in June @PDD_Downtown
1 day ago
House Financial Services Com. to hold March 3 hearing to receive the semi-annual report of @CFPB Director Richard Cordray.
1 day ago
Rep. Jeff Miller (R-Fla.) re-introduced bill to ease veterans' access to loans for #smallbusiness purposes from a #creditunion (HR 1133)
1 day ago
You can get your subscription to @cuna 's free, daily, online #creditunion #news service News Now here: http://t.co/YtUejEmAYP
1 day ago