New disclosures, restrictions, requirements!
March 23, 2010, the Federal Reserve Board announced amendments to Regulation E which mandate new disclosures for gift cards and restrict the fees and expiration dates that can be applied to gift cards. The new rules implement Title IV of the Credit Card Accountability Responsibility and Disclosure Act of 2009, and will be effective on August 22, 2010.
Issuers and sellers of gift certificates, store gift cards and general-use prepaid card will be impacted by the new rules.
The materials and discussion for this webinar will cover -
- Who's covered by the new rules
- Definitions of gift certificate, store gift card and general-use prepaid card; Loyalty, award and promotional gift cards; rebate cards
- Disclosure requirements
- Special disclosures for loyalty, reward and promotional cards
- Fee limitations
- Fee definitions
- Expiration date restrictions
- Reloading of cards
- Replacement of cards
- Clear and conspicuous standard
- Implications for similar state laws and regulations
- How the expiration date provisions impact escheat and abandoned property laws on gift cards
- Excluded products
In this presentation, you'll get the information you need to ensure that your institution will be in compliance with the new regulatory requirements when they become effective in August.