The CFPB issued a final rule amending the ATM disclosure requirements of the Electronic Fund Transfer Act and its implementing regulation, Regulation E. In December 2012, the EFTA was amended to eliminate the requirement that a fee notice be posted "on or at" ATMs. The final rule amends Regulation E to implement the change in the law. ATM operators must still comply with the requirement that an on-screen or paper disclosure, which includes the amount of the fee to be charged, be provided to consumers before they are committed to paying such fee. The final rule was effective March 26, 2013.
Alert April 02, 2013