Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
Inside Washington (07/14/2010)
* WASHINGTON (7/15/10)--Rep. Dan Maffei’s (D-N.Y.) gift card bill, which will delay the effective date by which retailers must replace gift cards to make them compliant with new regulations in the Credit Card Accountability, Responsibility and Disclosures Act, passed the House Tuesday night. Maffei’s bill requires gift cards to be printed to reflect the CARD Act changes by Jan. 31 instead of the original August 2010 date. “Had retailers been required to destroy all gift cards in stock and reprint new cards by August 2010, they would have destroyed approximately 100 million cards, the equivalent of eight football fields filled 12 feet deep with plastic cards,” Maffei said. “By delaying the effective date until after the 2010 holiday season, we’re giving retailers a chance to clear out their stock while still protecting consumers with the new rules.” Retailers are required to inform consumers that they will not be charged dormancy fees and cards cannot expire, according to a statement on Maffei’s website ...


RSS





print
News Now LiveWire
What role are #creditunions playing in @gatesfoundation's 2030 vision of financial services? Read #NewsNow Monday
1 day ago
Consumers fear inaccurate info lingers on credit reports, says @FTC study Read @CUNA's News Now: http://t.co/RzNLMnaROO
48 minutes ago
@PCUA has formed a @LinkedIn networking group for former bankers turned #creditunion employees.
50 minutes ago
.@politico reports Democrats haven't picked the city yet, but their 2016 convention will be held the week of July 25.
51 minutes ago
.@cuna, @DCUC_HQ urge @CFPB to exempt #CUs from changes to Military Lending Act rules cuz CUs aren't part of the targeted problem. NN Monday
2 hours ago