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GAO-11-164R 1 (2010-10-28)

handle is hein.gao/gaobadxcw0001 and id is 1 raw text is: I im T I M Accountability * Integrity * Reliability United States Government Accountability Office Washington, DC 20548 B-321029 October 28, 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 Federal Reserve System (Board), entitled Electronic Fund Transfers (Docket No. R-1377). It was published in the Federal Register as an interim final rule; request for comments on August 17, 2010. 75 Fed. Reg. 50,683. We received the rule on October 15, 2010. The interim final rule amends Regulation E, which implements the Electronic Fund Transfer Act (EFTA), and the official staff commentary to the regulation, in order to implement legislation that modifies the effective date of certain disclosure requirements in the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (Credit Card Act). Congress recently passed legislation that amends section 403 of the Credit Card Act to delay the effective date of certain gift card disclosure provisions for gift certificates, store gift cards, and general-use prepaid cards produced prior to April 1, 2010 (Gift Card Amendment). The Gift Card Amendment delays the effective date of the disclosure requirements in EFTA sections 915(b)(3) and (c)(2)(B) (as amended by the Credit Card Act) in order to permit the sale of existing card stock through January 31, 2011. Nonetheless, the substantive fee and expiration date protections provided by the Credit Card Act continue to apply to those certificates or cards sold to a consumer on or after August 22, 2010. The interim final rule revises the final gift card rule, published in April 2010, in order to implement the Gift Card Amendment. GAO- 11-164R

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