August 17, 2022

Volume XII, Number 229

Advertisement
Advertisement

August 16, 2022

Subscribe to Latest Legal News and Analysis

August 15, 2022

Subscribe to Latest Legal News and Analysis

Consumer Financial Protection Bureau (CFPB) Finalizes ATM Disclosure Rule Changes

On March 21, the Bureau of Consumer Financial Protection finalized a rule implementing the ATM placard legislation that was signed into law last December. In December 2012, Congress passed and the President signed legislation amending the Electronic Funds Transfer Act (EFTA) to eliminate a requirement that a fee notice be posted on or at automated teller machines, leaving in place the requirement for a specific fee disclosure to appear on the screen of that machine or on paper issued from the machine. ATM operators will now only have to provide the on-screen or paper disclosure, which includes the amount of the fee to be charged and is provided before the consumer is committed to the transaction. This final rule amends Regulation E to conform to the EFTA amendment. The legislation protects banks from frivolous lawsuits by repealing the outdated, duplicative requirement that a placard must be attached to ATMs stating that a fee may be charged. The final rule will be effective immediately.

Read more.

©2022 Katten Muchin Rosenman LLPNational Law Review, Volume III, Number 91
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement
Advertisement

About this Author

Our Corporate Practice provides sophisticated transactional representation and business counseling to national and global companies in a wide range of industries. Attorneys in the practice work closely with those from other disciplines to provide our clients with comprehensive representation in their business transactions.

Every attorney in our Corporate Practice is dedicated to making sure that each client receives a high degree of personal attention, and that the correct combination of legal talent is assigned to each matter. We believe that our clients’ business objectives should...

310-788-4690
Advertisement
Advertisement
Advertisement