Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

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
#NewsNow: @CFPB offers tips for consumers who think their credit/debit cards have been hacked. http://t.co/rHnfYkJPIj
13 hours ago
See who's 1st to earn @CUNA's new biz development designation #NewsNow http://t.co/vn5ch4HkRC
15 hours ago
Joe Bergeron, president/CEO of the Association of Vt. CUs, has been re-elected to the board of the @NCBACLUSA
15 hours ago
NCUA reminds: CU managers/directors looking to improve leadership skills still can register 4 Leadership Boot Camps. http://t.co/0AUtIpWNqr
15 hours ago
Australia's Customer Owned Banking Association is @fileneresearch 's latest Gold benefactor.
17 hours ago