WASHINGTON (3/25/13)--ATM fee disclosure requirements are now simpler under a new rule issued by the Consumer Financial Protection Bureau. The rule implements a 2012 statutory revision to the Electronic Fund Transfer Act, Regulation E, to eliminate redundant ATM disclosures.
The Credit Union National Assocaiton and state credit union leagues advocated strongly for the amendment and CUNA worked closely with key members of the U.S. Congress and the CFPB on the legislation.
The CFPB has amended Reg E by eliminating the requirement that a fee notice be posted "on or at" an ATM, and by deleting companion Regulation E Official Commentary.
An ATM operator must still provide an on-screen or paper disclosure which
includes the amount of the fee to be charged by the operator, before the consumer is committed to paying the fee.
This amendment will go into effect upon publication in the Federal Register. It implements legislation signed into law on December 20, 2012 (Pub.L. 112-216) .