ATMIA To Trump End Operation Choke Point Reform Consumer Bureau Repeal Dodd-Frank

SIOUX FALLS, SD -- The ATM Industry Association said that it has delivered an introductory letter to President Donald J. Trump highlighting key issues and concerns of the ATM industry. The letter, dated April 25, was also sent to select members in the House of Representatives and Senate.

The letter is a product of ATMIA's U.S. regional committee groups that are tasked with identifying specific industry issues of the highest importance. Those asked to submit feedback were the Government Relations Committee, Financial Institution ATM Deployers Forum, Independent ATM Deployers Committee and U.S. Regional Advisory Board. There was, the ATMIA reported, a significant degree of consensus on three primary concerns:

» A permanent end to Operation Choke Point: While the anti-money laundering effort began with laudable intentions, it erroneously and negatively impacted hundreds of legitimate businesses. As a result of the Operation Choke Point, ATM operators with stellar financial histories have seen decades-old banking relationships terminated for no apparent reason.

» Restructuring and reform of the Consumer Financial Protection Bureau: Although the ATMIA acknowledges the need for the bureau in some form, ATMIA has concerns over its current leadership structure and funding mechanisms. Additionally, the association noted the CFPB's activities reveal an agency with a tendency to dismiss the value of fundamental market forces and overregulate the sectors within its purview.

» Repeal and reform of Dodd-Frank and the Durbin Amendment: Should Dodd-Frank or the Durbin Amendment be reformed or replaced, the ATMIA has requested the Trump administration's support for rule changes that would require ATM/debit cards include two unaffiliated ATM networks, and prohibit networks from interfering with an operator's routing choice. Similar rules already provide retail merchants with access to multiple payment networks and the right to choose the one they use.

"The changes outlined in our letter would have a significant impact on competition between ATM networks," said David Tente, ATMIA's U.S. executive director. "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 copy of ATMIA's letter to the president can be downloaded here.