U.S. Senator Bob Corker, R-Tenn., a member of the Senate Banking, Housing and Urban Affairs Committee, today announced that he has lifted his hold on the Consumer Financial Protection Bureau privilege bill (S. 2099), which prevents the public disclosure of sensitive, customer information from the bureau's regulated entities. Corker also announced that he is an original cosponsor of legislation (S.3394) that combines the CFPB privilege bill (S. 2099) with the ATM sign bill (S. 3204).
"It is unfortunate but clear that there will be no real discussion of any changes to Dodd-Frank before the election, and I don't want to interfere with any firm's ability to adequately protect their customers' privileged information," said Corker. "I'm glad the CFPB privilege issue is being resolved and has been combined with the ATM bill so that community banks and credit unions in Tennessee and across the country don't have to face frivolous lawsuits over redundant disclosure requirements."
Current law requires ATMs to notify customers of transaction fees, both through posted placards and information on the digital displays. This dual notification requirement has generated lawsuits against ATM operators in cases where signs were removed by vandals or plaintiffs themselves. The ATM sign legislation amends the law to require only one form of notification for fees at ATMs to prevent these fraudulent lawsuits that drive up costs for consumers.