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Fed interim rule sets gift-card disclosure dates
WASHINGTON (8/12/10)--The Federal Reserve Board, charged with implementing the 2009 Credit Card Accountability Responsibility and Disclosure Act, approved an interim final rule Wednesday that changes the effective dates applicable to new gift card rules in order to be consistent with the recent legislation that changed these dates. The mandatory compliance date for the gift card rules rules was set for Aug. 22. However, after these rules were issued, the U.S. Congress enacted a law in which the disclosure requirements required on cards issued before April 1, 2010 would not be effective until January 31, 2011, under certain conditions. Those conditions include: there is no expiration date on the funds, replacement cards are issued at no cost, and these disclosures are provided by way of in-store signs, consumer service calls, websites, and general advertising. However, Credit Union National Association (CUNA) reminds that the portions of the new gift-card rules that address notices, fees and expiration dates will still come into effect on the original date of Aug. 22. During the transition period, gift-card issuers may notify consumers of their rights through signage, customer service numbers, websites, and general advertising.
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