S.3394 - A bill to address fee disclosure requirements under the Electronic Fund Transfer Act, to amend the Federal Deposit Insurance Act with respect to information provided to the Bureau of Consumer Financial Protection, and for other purposes.112th Congress (2011-2012)
|Sponsor:||Sen. Johnson, Tim [D-SD] (Introduced 07/17/2012)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||07/17/2012 Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.|
|Notes:||For further action, see H.R.4014, which became Public Law 112-215 on 12/20/2012.|
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: S.3394 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in Senate (07/17/2012)
Amends the Electronic Fund Transfer Act with respect to mandatory fee disclosures on automated teller machines (ATMs) operated by a person other than a financial institution holding a consumer's account.
Repeals the requirement that such a fee disclosure appear in a prominent and conspicuous location on or at the ATM. Limits such requirement to appearance of a fee disclosureon the ATM screen.
Amends the Federal Deposit Insurance Act to make the Consumer Financial Protection Bureau (CFPB) a "covered agency" that may share information with another covered agency or any other federal agency without waiving any privilege applicable to the information.
Prohibits information submitted to the CFPB in the course of its supervisory or regulatory process from being construed as waiving, destroying, or affecting any privilege that may be claimed with respect to such information under federal or state law as to any person or entity other than the CFPB, another federal banking agency, a state bank supervisor, or a foreign banking authority.