President Approves CBAI Supported ATM Fee Disclosure and CFPB Confidentiality Bills

January 4, 2013

President OBama signed CBAI supported legislation to eliminate the unnecessary and duplicative disclosure of ATM fees (H.R. 4367) and legislation to ensure that confidential information submitted to the CFPB remains privileged (H.R. 4014).

The ATM disclosure legislation will help prevent frivolous lawsuits against community banks. Several CBAI members have reported this problem and more such instances were likely to occur unless this common sense legislation was passed. The privileged information legislation includes the CFPB in the privileged information rules that already apply to the prudential banking regulators.

The House had previously cleared this legislation on a wide bi-partisan basis and the Senate passed the measures without amendment by unanimous consent.