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#1357179 - 03/12/10 09:36 PM Final rule on New Gift Card Act?
Ebankman Offline
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Joined: Nov 2007
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I have not heard anything on the final rule for the gift card act that was part of the card act. Did I miss something? Does anyone know if something has been put out about this or why we haven't heard more about it? Here is my understanding of it below.

The Federal Reserve, in consultation with the FTC, must prescribe regulations to implement the provisions of Section 401 and the regulations must be issued in final form not later than 9 months after the date of enactment of the Act - so February 2010.

Thanks!

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#1357197 - 03/12/10 09:51 PM Re: Final rule on New Gift Card Act? Ebankman
John Burnett Offline
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John Burnett
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The Fed proposed amendments to Regulation E on 11/20/2009, with a short comment period that expired 12/21/2009. The proposal was published at 74 FR 60986.

Since the Credit CARD Act was enacted on May 22, 2009, and does include a nine-month delivery date for final rules, which the Fed has clearly missed. However, the mandatory effective date for the rules is August 22, 2010. I think that the Fed will manage to squeak by and get its final rule published in time.
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#1357211 - 03/12/10 10:03 PM Re: Final rule on New Gift Card Act? John Burnett
Ebankman Offline
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Joined: Nov 2007
Posts: 9
Thanks John! I knew you would be able to tell me where we are at with this.

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#1363065 - 03/24/10 04:43 PM Re: Final rule on New Gift Card Act? Ebankman
The OG Zaibatsu Offline
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The OG Zaibatsu
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Posts: 1,713
Texas
OK, the rule is out now. Does anyone have thoughts about what it will do to the gift card market? Will it be a ripple or a disaster?
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