ATM Law Put on Hold in N.Y.; City Council Sets Hearing on Tougher Security Rules
Barthel, Matt, American Banker
New York City officials have delayed adoption of a low that would require extensive security measures at automated teller machine sites.
The delay gives bankers a chance to voice their concerns.
The bill, which would require every ATM site in New York to be indoors and equipped with a surveillance camera, was introduced in December. If passed in its current form, the law would be the strictest in the nation, ATM experts said.
Council members sponsoring the bill had been saying repeatedly that it would go into law as early as February. But, at the urging of New York's bankers, the council members have agreed to put off a vote on the bill until April so the financial institutions who will be affected may have some say in the formation of the law.
Hope for Constructive Changes
"Our members are hoping that this is not a done deal, as the council members have indicated in the past," said Joan Savarese, a vice president at the New York Switch Corp., administrative parent of the Hackensack, N.J.-based ATM network of New York Cash Exchange.
"There are some things in the bill that simply don't make sense to us, and we would like to try and have them changed."
NYCE has begun surveying member financial institutions to determine the number and nature of crimes at their ATMs.
The survey results will be included in a detailed report about ATM operations in New York that will be sent to the city council by the end of this month.
According to members of the council, bank participation in the legislative process has been almost nonexistent so far. …