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News Now

Washington
CUNA issues comment call on Fed gift card rules
WASHINGTON (11/30/09)—The Credit Union National Association (CUNA) has issued a regulatory comment call on the Federal Reserve Board’s proposed rules that will restrict the fees and expiration dates that apply to gift cards and certificates. The Fed rules will restrict dormancy, inactivity, and service fees on gift cards and will require that cards not expire until at least five years after the date of issuance or five years after the date when funds were last loaded. However, under the rule, dormancy, inactivity, and service fees will be allowed to be assessed on gift cards that have been inactive for at least one year, provided that no more than one such fee is charged per month and the consumer is given clear and conspicuous disclosures about the fees. The proposal generally covers retail gift cards, which can be used to buy goods or services at a single merchant or affiliated group of merchants, and also covers network-branded gift cards that are redeemable at any merchant that accepts the card brand. The proposed rules are issued under Regulation E, the Electronic Fund Transfers Act and implement the gift card provisions of the Credit Card Accountability, Responsibility and Disclosure Act of 2009. Comments are due to CUNA by Dec. 11. Comments are due to the Fed by Dec. 21. To view the CUNA comment call, use the resource link.


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