Credit union representatives were fortunate enough to catch up with Congressman Randy Forbes to thank him for his support on two key pieces of legislation.
HR 4367, which Forbes voted in favor, eliminates a frustrating regulatory burden for credit unions, namely the mandate that ATMs carry a physical disclosure notifying consumers of the potential imposition of fees for use of the ATM. Consumers won’t be adversely affected by the elimination of this redundant sign because H.R. 4367 maintains the obligation that consumers opt-in to any ATM fees before a transaction is processed. House passage of this legislation earlier this month is an important milestone, but the work is not done. We urge the Senate to take up this measure as soon as possible and provide credit unions with much needed regulatory relief.
HR 3461, a bill the Congressman co-sponsors, would make available to financial institutions the information used by examiners to make decisions in their examination; codify certain examination policy guidance; establish an ombudsman at the Federal Financial Institution Examination Council (FFIEC) to which financial institutions could raise concerns with respect to their examination; and, establish an appeals process before an independent administrative law judge.