Tuesday, October 26, 2010
Fed posts final gift card rule deadline
The Federal Reserve Board issued the official deadline of Jan. 31, 2011, when prepaid card providers must comply with rules that implement mandates prescribed by the Credit Card Accountability Responsibility and Disclosure Act of 2009 (the Credit CARD Act). The initial deadline of Aug. 22, 2010, was considered too soon to implement and too disruptive to businesses. An interim deadline of January 2011 was imposed while the Fed considered public comments on the deadline. The Fed received two comments, neither from a prepaid card business.
"Both commenters generally supported the interim final rule," the Fed said in its notice and so went ahead with issuing the final deadline.
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