NAFCU and CUNA were applauding on Friday the signing into law oftwo bills the trade groups had lobbied for: the repeal of the dualfee disclosure for ATMs and the protection of privilegedinformation that financial institutions provide to the Consumer Financial Protection Bureau.

President Barack Obama signed both bills into law onThursday.

“This is important, meaningful legislation that will have adirect impact on a credit union's bottom line and their reputationmanagement. NAFCU has fought long and hard for both of thesebills and we are pleased the president has acted swiftly to enactthem into law,” said NAFCU President/CEO Fred Becker.

The ATM issue had been particularly pernicious to credit unionsand banks that had been hit by lawsuits, many of them settled for thousands of dollars.The physical notices on the ATMs often fall victim to weather orvandals, CUNA noted, and now are no longer required. The on-screennotice of fees now suffices.

“On behalf of credit unions nationwide, our thanks to PresidentObama for signing this legislation which will relieve a frustratingregulatory burden,” said CUNA President/CEO Bill Cheney.

“Importantly, however, it in no way diminishes consumers'awareness of the fees associated with using the machines. Overall,consumers and the financial institutions they own, credit unions,benefit,” Cheney said.