WASHINGTON – U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking, Housing and Urban Affairs Committee, praised Senate passage of the Consumer Financial Protection Bureau privilege bill, which prevents the public disclosure of sensitive customer information from the bureau’s regulated entities, and the ATM bill, which eliminates the duplicative requirement for ATM fee disclosure signs.
“I’m glad the CFPB privilege issue has been resolved, and I hope that this finally opens the door to a more rational discussion about what additional changes, both technical and more substantive, are needed to Dodd-Frank.
“I’m also glad that the ATM bill passed the Senate so that community banks and credit unions in Tennessee and across the country don’t have to face frivolous lawsuits over redundant disclosure requirements,” said Corker, an original cosponsor of the bill.
Current law requires ATMs to notify customers of transaction fees, both through posted placards and information on the digital displays. This dual notification requirement has generated lawsuits against ATM operators in cases where signs were removed by vandals or plaintiffs themselves. This legislation amends the law to require only one form of notification for fees at ATMs to prevent these fraudulent lawsuits that drive up costs for consumers.