SIOUX FALLS, SD, April 27, 2017. The ATM Industry Association (ATMIA) announced today that it has delivered an introductory letter to President Donald J. Trump, which highlights key issues and concerns of this vital industry.
Over the past few months, ATMIA U.S. regional committee groups were asked to identify which specific industry issues are of the highest importance and in the most need of attention. That feedback included the Government Relations Committee, Financial Institution ATM Deployers Forum, Independent ATM Deployers Committee, and U.S Regional Advisory Board. There was a significant degree of consensus on three primary concerns:
• A permanent end to “Operation Choke Point”
• Restructuring and reform of the CFPB
• Repeal/reform of Dodd-Frank and the Durbin Amendment
Operation Choke Point began with laudable intentions, but quickly became a runaway train crashing into hundreds of legitimate businesses. ATM operators with stellar financial histories have seen decades-old banking relationships terminated for no apparent reason. ATMIA supported the Financial Institution Customer Protection Act last year and hope that it will be reintroduced.
Should Dodd-Frank or the Durbin Amendment be reformed or replaced, ATMIA has requested the Trump administration’s support for rule changes which would require that ATM/Debit cards include two unaffiliated ATM networks, and prohibit networks from interfering with ATM operator routing choice. Similar rules already provide retail merchants with access to multiple payment networks and the right to choose which one they use.
“The changes outlined in our letter would have a significant impact on competition between ATM networks,” says ATMIA US Executive Director, David Tente. “The end result would be downward market pressure on convenience fees and an increase in the number of viable ATM locations – which equals cheaper and more convenient consumer access to cash.”
A complete copy of the ATMIA letter to President Trump is available for download from the ATMIA website.