ATMs

Burr Alert: Consumer Financial Protection Bureau Amends Regulation E And Regulation Z

by Jordan Teague | Burr & Forman on 4/23/2013

In late March, the Consumer Financial Protection Bureau ("CFPB") issued final rules amending Regulation E, 12 C.F.R. § 1005.16, which implements the Electronic Fund Transfer Act, 15 U.S.C. § 1693 et seq. ("EFTA"), and...more

Virginia Financial Institutions - April 2013

by Joseph Spruill | Reed Smith on 4/19/2013

In This Issue: - Virginia General Assembly Concludes 2013 Session – Highlights and Considerations for Financial Institutions - Cyber Fraud: Lawsuit by Local Community Bank Demonstrates Need for Vigilance...more

CFPB Implements Change To ATM Fee Notice Requirements

by BuckleySandler LLP on 4/3/2013

On March 26, the CFPB published a final rule to conform Regulation E to an amendment to the Electronic Fund Transfer Act enacted by Congress in December 2012 that removed the requirement that ATMs have an attached placard...more

CFPB Finalizes ATM Disclosure Rule Changes

by Jeffrey M. Werthan | Katten Muchin Rosenman LLP on 4/3/2013

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...more

Corporate and Financial Weekly Digest - March 29, 2013

by Katten Muchin Rosenman LLP on 4/1/2013

In this issue: - Proposed Change to FINRA Rule Regarding Release of Disciplinary Complaints, Decisions and Other Information - SEC Approves on an Accelerated Basis FINRA Rule Change Relating to Margin...more

Infobytes - A Weekly In-depth review of news & developments in the financial services industry - March 29, 2013

by BuckleySandler LLP on 3/29/2013

In This Issue: - FEDERAL ISSUES - STATE ISSUES - COURTS - MISCELLANY - FIRM NEWS - FIRM PUBLICATIONS - MORTGAGES - BANKING - CONSUMER FINANCE - SECURITIES - CREDIT CARDS - PAYMENTS -...more

CFPB issues final rule removing ATM fee sticker requirement from Reg E

by Barbara S. Mishkin | Ballard Spahr LLP on 3/25/2013

The CFPB has issued a final rule amending Regulation E to remove the requirement that a fee notice be posted on or at an automated teller machine. On December 20, 2012 , President Obama signed into law an amendment to the...more

The Death Knell of ATM “Notice” Lawsuits

by William Frank Carroll | Cox Smith on 3/21/2013

The banking industry, particularly community banks, have been plagued over the past three years with lawsuits alleging that an exterior fee notice was not present on their automatic teller machines. The suits seek to certify...more

First ADA ATM Accessibility Class Action Lawsuit Is Filed in Atlanta

by William Barwick, Amelia Huskins, J. Colin Knisely | Duane Morris LLP on 3/8/2013

The first of what is likely to be many Americans with Disabilities Act (ADA) ATM accessibility class action lawsuits against Atlanta-area banks was filed in federal district court in Atlanta last week. The lawsuit was filed...more

Michigan ATMs Hit With Class Action Lawsuits Alleging Non-Compliance With ADA Requirements

by Ronald DeWaard, Brion Doyle | Varnum LLP on 3/8/2013

The first ATM accessibility class-action lawsuits under the Americans with Disabilities Act ("ADA") were filed in federal district court in Michigan earlier this month. The class-action lawsuits request a permanent...more

Antitrust Law: 2012 Highlights

by Sean Duffy, Jonathan M. Rich | Morgan Lewis on 1/30/2013

In 2012, the Antitrust Division (Division) of the U.S. Department of Justice won several significant convictions, both at trial and through guilty pleas, while the merger enforcement efforts of the Division and the Federal...more

New Law Eliminates ATM Fee Decal Requirement On or At ATM Equipment

by Amy L. Pierce, Christine Scheuneman | Pillsbury Winthrop Shaw Pittman LLP on 1/16/2013

On December 20, 2012, President Obama signed into law H.R. 4367, eliminating the requirement that ATM operators post notice of a service fee on or at their ATM equipment, while retaining the requirement that a notice be...more

President Signs ATM Disclosure Bill And CFPB Privilege Bill

by BuckleySandler LLP on 1/7/2013

On December 20, President Obama signed two bills impacting bank supervision and compliance. These bills were sent to the President after the Senate approved both measures on December 11. The first, H.R.4014, amends the...more

Possible New Defenses for ATM Suits

by William Frank Carroll, Cary Plotkin Kavy, Karen Neeley | Cox Smith on 1/5/2013

Bankers received a Christmas present on December 20, 2012 when President Obama signed H.R. 4367, which eliminates the requirement for physical notices on ATMs regarding fees. That information is already disclosed onscreen,...more

Banking & Financial Services E-Note - December 2012

by Burr & Forman on 12/28/2012

In This Issue: - Accounting Rule Would Force Banks to Take Loan Write-Downs - End of TAG Program Has Community Banks Concerned - New Mortgage Rules Protect Banks from Homeowner Lawsuits - Obama Signs Bills...more

President signs ATM fee sticker bill and CFPB privilege waiver bill

by Barbara S. Mishkin | Ballard Spahr LLP on 12/26/2012

On December 20, 2012, President Obama signed into law (1) the bill amending the Electronic Fund Transfer Act (H.R. 4367) to eliminate the ATM fee sticker requirement, and (2) the bill amending the Federal Deposit Insurance...more

Legislation Eliminates Federal Requirement to Post Fee Notice at Automated Teller Machines

by Joseph D. Simon | Cullen and Dykman LLP on 12/24/2012

President Obama has signed legislation eliminating the federal requirement that ATM operators post a sign on or at an ATM disclosing that a fee is imposed on transactions at that ATM. However, a New York State law that...more

Congress Acts On Several Banking Bills, Two Set For President’s Signature

by BuckleySandler LLP on 12/18/2012

On December 11, the U.S. Senate passed by voice vote two bills impacting bank supervision and compliance. The first, H.R.4014, amends the Federal Deposit Insurance Act to protect information submitted to the CFPB as part of...more

Financial Services Legislative And Regulatory Update -- December 17, 2012

by Abby Matousek, Jason M. Rosenstock | Mintz Levin - Public Finance on 12/17/2012

In This Issue: Leading the Past Week; Fiscal Cliff; Legislative Branch; Executive Branch; and Upcoming Hearings. Excerpt from Leading the Past Week - Whatever happened in the world of financial services last...more

Key Provision of Regulation E Poised for Repeal: Manatt Instrumental in Legislative Efforts

by Barrie VanBrackle | Manatt, Phelps & Phillips, LLP on 12/15/2012

On December 11, 2012, after weeks of procedural holds, the U.S. Senate passed by unanimous consent a U.S. House bill (H.R. 4367) repealing the regulatory provision in Regulation E requiring banks, credit unions, casinos and...more

No More Sticker Shock — Congress Eliminates the External Fee Notice Requirement in the Electronic Fund Transfer Act

by Rebekah Kaufman | Morrison & Foerster LLP on 12/13/2012

Congress gave banks and other ATM operators an early holiday present this year. On December 11, the Senate unanimously passed S. 3204, which eliminates the external fee notice requirement in the Electronic Fund Transfer Act,...more

Congress passes bill eliminating ATM fee sticker requirement

by Barbara S. Mishkin | Ballard Spahr LLP on 12/13/2012

The U.S. Senate has joined the House of Representatives in approving a bill (H.R. 4367) amending the Electronic Fund Transfer Act to eliminate the requirement that a fee disclosure be placed in a prominent and conspicuous...more

Congress Passes Bill To End ATM Fee Sticker Strike Suits

by Alan S. Kaplinsky, Burt M. Rublin | Ballard Spahr LLP on 12/12/2012

The U.S. Senate has just joined the House of Representatives in approving a bill (H.R. 4367) amending the Electronic Fund Transfer Act to eliminate the requirement that a fee disclosure be placed in a prominent and...more

DOJ files amicus brief supporting plaintiff in Eighth Circuit standing case

by Christopher J. Willis | Ballard Spahr LLP on 12/1/2012

Earlier this week, we wrote about Charvat v. First National Bank of Wahoo, a case pending before the Eighth Circuit that raises the question whether a plaintiff has Article III standing to sue for an alleged statutory...more

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