Federal Reserve Implements Gift Card Rule

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The Federal Reserve Board on July 11 announced its approval of an interim final rule implementing recent legislation modifying the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009. For gift certificates, store gift cards, and general-use prepaid cards produced prior to April 1, the legislation and interim final rule delay the August 22 effective date of these disclosures until January 31, 2011, provided that several conditions are met. While the Gift Card Amendment delays the effective date for certain disclosure requirements set forth in the Credit Card Act, the Gift Card Amendment does not address the status of additional requirements adopted in the Board’s final gift card rule.

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