President Barack Obama has signed legislation sponsored by U.S. Rep. Blaine Luetkemeyer, R-St. Elizabeth, removing a requirement that automatic teller machines (ATMs) display duplicative signs disclosing fees.
"This new law will protect consumers by cracking own on nuisance lawsuits that have been plaguing institutions and their hard-working customers," Luetkemeyer said.
The measure, he said, received bipartisan support in both the House and Senate.
"I want to thank the president for signing this critical measure into law," Luetkemeyer said.
The legislation was filed, he said, after learning that someone in Missouri visited five ATMs and had threatened to sue over missing fee-disclosure stickers even though the fees are disclosed on-screen when transactions are attempted. The individual who pursued the issue settled the cases for more than $100,000.