The National ATM Council, Inc. (NAC)is very pleased to report that President Barack Obama has signed H.R. 4367, the ATM external fee sticker elimination bill, into law. H.R. 4367 revises Regulation E to now require that ATM fee disclosures need only be presented to consumers via the ATM's transaction screen.
The new law eliminates the redundant requirement for an external sticker indicating whether ATM fees are imposed by the ATM operator-which should stop the filing of lawsuits against independent ATM deployers and financial institutions for alleged missing/defaced fee disclosure stickers. NAC is hopeful that the new law will also facilitate the prompt and favorable resolution of all such pending litigation.
"NAC wishes to express its sincere thanks and appreciation to those independent ATM-provider and vendor members who have worked so diligently this year to promote the introduction and passage of this important legislation," said NAC Executive Director, Bruce Renard.
"NAC also expresses its sincere thanks and appreciation to the Congress and the President for taking effective action to repeal a statutory requirement that had become outmoded and a source of costly and frivolous litigation," Renard concluded.