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GAO-10-600R 1 (2010-04-15)

handle is hein.gao/gaobadxap0001 and id is 1 raw text is: I GA 0 T M WAccountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-319525 April 15, 2010 The Honorable Christopher J. Dodd Chairman The Honorable Richard C. Shelby Ranking Member Committee on Banking, Housing, and Urban Affairs United States Senate The Honorable Barney Frank Chairman The Honorable Spencer Bachus Ranking Member Committee on Financial Services House of Representatives Subject: Federal Reserve System: Electronic Fund Transfers Pursuant to section 801(a)(2)(A) of title 5, United States Code, this is our report on a major rule promulgated by the Board of Governors of the Federal Reserve System (Board), entitled Electronic Fund Transfers (Docket No. R-1377). We received the rule on March 31, 2010. It was published in the Federal Register as a final rule on April 1, 2010. 75 Fed. Reg. 16,580. The rule is effective August 22, 2010. The final rule amends Regulation E, which implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation, which interprets the requirements of Regulation E. The final rule restricts a person's ability to impose dormancy, inactivity, or service fees for certain prepaid products, primarily gift cards. Among other things, the final rule also generally prohibits the sale or issuance of such products if they have an expiration date of less than 5 years. Enclosed is our assessment of the Board's compliance with the procedural steps required by section 801(a)(1)(B)(i) through (iv) of title 5 with respect to the rule. Our review of the procedural steps taken indicates that the Board complied with the applicable requirements. GAO-10-600R

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