You may recall our previous blogs (5/18/11, 5/9/12 & 5/31/12) regarding the ATM signage requirements under Regulation E and the potential litigation threat to banks. We are happy to report the requirement to post a fee notice on the ATM machine was recently eliminated with the passage of H.R. 4367.
Please note only the “on the machine” requirement under§1005.16(c)(1) was eliminated. You must still provide a notice of the fee and the amount of the fee either on the screen or via a paper notice under §1005.16(c)(2).
Although the Regulation itself has not been revised, it seems unlikely that bank’s would be cited in this case. If nothing else, pull out this announcement from the White House to show your examiners. Thankfully, it appears there was little opposition to eliminating the “on the machine” requirement. It will be interesting to see what kind of impact, if any, this may have on litigation already in progress.
Happy New Year!
Diane joined Banker’s Compliance Consulting with over 10 years of compliance experience and over 15 years of experience within the financial industry. Diane is a Certified Regulatory Compliance Manager (CRCM) and has a Bachelor’s Degree in Sociology with a concentration in Criminal Justice. She is a graduate of the Schools of Banking Compliance School and has participated in various other training opportunities throughout her career. Diane understands firsthand the struggles banks face in building and maintaining successful compliance programs. Her experience and common sense approach to consumer compliance is a great asset to our clients.
Diane and her husband have two kids who keep them busy. She enjoys running and other sports and is a big Bugs Bunny fan! She’s a bit crazy in that she does enjoy reading some of these regulations and she’s a “crazy cat lady!” Her cat tales are hilarious!