Publication for gift-card rules now available
The board governing the country’s central bank recent released a new publication regarding gift card regulations.
The Federal Reserve Board’s What You Need to Know: new Rules for Gift Cards is available at its website, www.federalreserve.gov. The publication outlines new regulations stipulated in the Credit Card Accountability, Responsibility and Disclosure Act, including mandating that gift cards last for at least five years.
“This publication describes the types of cards that are covered under gift card rules released last month and highlights key protections, including new limits on expiration dates, requirements for clear fee disclosures, and fee restrictions,” the Fed said.
Along with establishing a lifespan for gift cards, the new guidelines from the Fed require that any fees be made clear to consumers, either on the card itself or on its packaging.
Although the rules may help people get more out of gift cards, some consumer groups have called for the Fed to produce additional rules for the products. For example, Consumers Union said recently that the central bank should add protections against gift cards associated with firms that have declared bankruptcy or have gone out of business.
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