Food Marketing Institute (FMI) today lauds the advancement of legislation to update the Electronic Funds Transfer Act. The bill, H.R. 4367, would abolish the fee-disclosure requirement on ATM posted placards and further eliminates gratuitous, unwarranted litigation and penalties incurred by supermarkets and other retailers when a placard is not visible or intact. The U.S. House Financial Services Committee reported out the bill to the full House, where it passed 371-0 Monday night. FMI Senior Vice President of Government and Political Affairs Jennifer Hatcher praised the effort in a statement, saying:
“The bipartisan, swift victory of this bill signifies how common sense it is to abolish the need for physical ATM placards. With advancements in technology, and an ability to ensure that every customer is both notified electronically of possible fees and a choice to proceed with the transaction, the need for placards has become obsolete. Some FMI members own and operate their own ATMs, and H.R. 4367 simply updates the law to no longer require the physical placards on ATMs and reduce the incentive for would-be vandals to deface ATMs.
“FMI staff and several member companies met with members of Congress and their staff to garner support for the bill over the last several weeks. With broad, bipartisan support, the bill is ready for Senate consideration. FMI signed onto a coalition letter in support of the bill in addition to sending one of our own.
“The grocery industry is extremely competitive and operates on a narrow margin, averaging 1 percent. Updating the Electronic Funds Transfer Act to protect ATM operators from frivolous lawsuits will help supermarkets operating ATMs to continue to compete and offer competitive prices to the consumer. We look forward to the Senate’s timely and thoughtful consideration.”