The U.S. House of Representatives voted to repeal a 20-year-old law requiring that financial institutions display physical placards near ATMs disclosing certain fees.
The disclosures displayed on screen during the transaction process have been deemed sufficient by lawmakers. By eliminating the placard requirement, legislators hope to reduce the number of lawsuits faced by banks over the issue — where oftentimes consumers are reported to have removed the signs before filing the suit themselves, according to American Banker.
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