Some positive news for the ATM industry. The ATMIA posted the following recent development in Washington. Best Products and the ATMIA encourage the Senate to take similar action.
Sioux Falls, SD and Washington, DC, December 12, 2017. Late yesterday the House of Representatives passed the “Financial Institution Customer Protection Act of 2017” (H.R. 2706) by an overwhelming majority of 395 – 2. This measure is designed to end “Operation Choke Point” by preventing federal banking agencies from ordering that a depository institution terminate a customer account unless: (1) the agency has a material reason for doing so, and (2) that reason is not solely based on reputation risk.
Best Products and the ATMIA congratulates Rep. Blaine Luetkemeyer on the passage of his bill and encourage the Senate to take similar action in this session of the legislature.
“We are still a long way from resolving this critical issue, but this is an important first step.” states ATMIA US Executive Director, David Tente. “Until this measure is signed into law, though, all ATM operators – particularly those with accounts at larger national banks – will still need to develop alternative banking relationships and take other steps to deal with the impact of Operation Choke Point. ”