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New FACTA Rules Take Effect on July 1, 2010
Businesses have until July 1, 2010 to comply with the new rules and guidelines under the Fair and Accurate Credit Transactions Act (“FACTA”), which amended the Fair Credit Reporting Act (“FCRA”), adopted by the Federal…
Senate Bill May Make It More Difficult for Large Banks to Satisfy Capital Reserve Requirements
The Restoring American Financial Stability Act passed by the Senate on May 20 ( discussed in an earlier post ) includes an amendment authored by Sen. Susan Collins (R-Maine), which would toughen the risk-and size-based…
Senate Passes Financial Reform Bill
The Senate last night passed its long-awaited version of financial system regulatory reform legislation, the Restoring American Financial Stability Act. In the coming weeks, each congressional chamber will select a…
RETAILERS: New Colorado Consumer Protection Law Requires Redemption of Gift Cards with a Cash Value of $5 or Less
On April 29, 2010, Colorado Governor Bill Ritter signed a consumer protection bill which requires gift card issuers to redeem the card, upon request, if the remaining value is $5 or less. In addition, it bans…
The Federal Reserve Board's Final Gift Card Rules for the CARD Act
Recently, the Federal Reserve Board announced the final rules that amend Regulation E to implement the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (“CARD Act”). The…