In Brief: Banks Want More Time on ATM Compliance

WASHINGTON - The banking industry is urging the Federal Reserve Board to give automated teller machine operators an extra six months to comply with expected disclosure rules.

In mid-July, the Fed proposed giving ATM operators 30 days to comply with a revised Regulation E, which will require that notice about fees for certain transactions be conspicuously displayed on machines.

"Revising, reprinting, and redistributing initial disclosures require a great deal more than 30 days," Nessa Feddis, senior federal counsel for the American Bankers Association, told the Fed. The ABA, America's Community Bankers, and the Independent Community Bankers of America agreed that though the proposal does not present a heavy burden for banks, more time is needed to comply with the changes.

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