Congressman Francisco "Quico" Canseco (TX-23), a former small businessman and member of the House Financial Services Committee, issued the following statement after the House of Representatives passed legislation that will put an end to frivolous lawsuits against ATM operators:
"I am pleased that the House of Representatives passed a common sense piece of legislation that should put an end to frivolous lawsuits against ATM operators across the country. Under current law, ATM operators are required to display disclosures both in physical (sticker) form and electronic form on all of their machines. Given that technology has enabled ATM machines to display adequate disclosures electronically, this is a duplicative requirement that needs to be addressed."
"Even more troubling, there have been cases around the country of individuals ripping the stickers off of ATMs, then suing the operators for insufficient disclosures -- even though those same machines have adequate electronic disclosures. This creates a tremendous risk for ATM operators -- many of which are small financial institutions already struggling under hundreds of new regulations."
"As a co-sponsor and supporter of this legislation, I am pleased that the House acted to address this issue -- now it is up to the Senate to do the same."