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ABA and Trade Associations Request Repeal of Unnecessary ATM Fee Disclosure Requirements (2/8/12) ABA and other trades wrote to the Chairmen of the House Committee on Financial Services and the Senate Committee on Banking, Housing, and Urban Affairs requesting repeal of the Electronic Fund Transfer Act requirement for ATM operators to attach a physical placard to an ATM stating that a fee may be charged. This notice, which is in addition to the fee notice on the ATM monitor, provides no benefit to consumers. However, because the statute permits successful class action plaintiffs to recover "the lesser of $500,000 or 1 per centum of the net worth of the [ATM operator]", attorneys' fees and costs have risen. "During the last 18 months, both the number and cost of these lawsuits have risen precipitously," threatening the economic viability of ATMs and potentially limiting consumer access.
Remittance Rules Published in the Federal Register (2/7/12) The Federal Register on February 7 published the final rule on remittances (Regulation E). The final rule provides new protections, including disclosures and error resolution and cancellation rights to consumers who send remittance transfers to other consumers or businesses in a foreign country. The amendments implement statutory requirements set forth in the Dodd-Frank Act. The rule is effective February 7, 2013. A related proposed rule amending Regulation E was also published by the Federal Register on February 7. The proposed rule requests comment on whether a safe harbor should be adopted with respect to the phrase "normal course of business" in the definition of "remittance transfer provider." The proposal also requests comment on several aspects of the final rule regarding remittance transfers that are scheduled in advance, including preauthorized remittance transfers. Comment on the proposed rule is due on April 9. For questions, contact ABA's Rob Rowe. More Compliance News
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