Obama Signs ATM, CFPB Bills
December 21, 2012
President Obama on Dec. 20 signed a measure freeing banks from having to post a placard on ATM machines notifying users of potential fees for non-consumers. A physical version of the warning had been required even in cases where it was posted electronically. Numerous banks faced frivolous litigation when scammers forcibly removed the bank signs and then sued for noncompliance. The new law affirms that physical signage no longer is warranted. Obama also endorsed legislation that will safeguard data that banks share with the Consumer Financial Protection Bureau. The measure allays industry concerns that information passed along to the regulator by banks could later be used against them in a future litigation.
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