Congress Acts on Bills Regarding Protection of Information Submitted to CFPB and ATM Fee Disclosure Requirements

Posted on July 22nd, 2012 in Banking, Consumer Finance, E-Commerce, Federal Issues By BuckleySandler

On July 12, Representatives Renacci (R-OH) and Perlmutter (D-CO) introduced H.R. 6125, a bill that would amend the Federal Deposit Insurance Act to grant protections to documents and information submitted by banks and nonbanks to the CFPB and state bank and financial regulators. H.R. 4014, a similar bill, previously passed the House with broad bipartisan support. The House also recently passed by a wide margin H.R. 4367, a bill to eliminate the EFTA requirement that ATM providers attach a fee disclosure placard to their machines. On July 17, Senate Banking Committee Chairman Johnson (D-SD) introduced with the support of Ranking Member Shelby (R-AL) S. 3394, which combines versions of H.R. 4014 and H.R. 4367 for Senate consideration.

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