Legislation to Protect Credit Union’s From Frivolous Attacks Advances in Albany
Contact: Ron McLean, Association SVP
(800) 342-9835, ext. 8191, cell: (518) 469-5945
(March 21, 2013 - Albany, NY) – The Credit Union Association of New York (CUANY) announced today that important legislation that CUANY has been fighting for has been introduced in the New York State Assembly by the chair of the Banks Committee, Assemblywoman Annette Robinson.
The bill (A.6234) addresses an issue that has created legal and financial issues for many credit unions – ATM fee disclosure regulations – by eliminating the requirement for physical fee disclosures to be placed on ATMs.
Current law requires ATM operators to display notices in two separate locations, both physically on the ATM and electronic notification on the screen, informing consumers that they might be charged fees for withdrawing cash from the ATM. In some cases, vandals have removed the physical disclosure and then sued the financial institutions for noncompliance. To protect themselves from lawsuits, credit unions have had to spend time and money documenting their compliance and fighting frivolous lawsuits.
Assemblywoman Robinson’s bill would eliminate the requirement of physical fee disclosures on ATMs, which would bring New York State law into conformity with federal law signed by President Obama last December.
CUANY President/CEO William J. Mellin noted that the Credit Union Association of New York has been advocating aggressively for state passage of this legislation, saying, “Our state’s law on this issue needs to be modernized, and the introduction of this bill is a significant step in the right direction. We commend Assemblywoman Robinson for her leadership, and we will continue to advocate for advancement of the bill in both the Assembly and the Senate.”
For details or to help build support for priority state legislation, visit the Credit Union Association of New York’s Action Center.
The Credit Union Association of New York has served as the trade association for the state’s credit unions for 96 years. New York credit unions have assets of more than $62 billion and serve 4.8 million members. To learn more about the Association, visit www.cuany.org. To find a credit union or learn more about the credit union movement, visit www.asmarterchoice.org.