Consumer Finance Law Blog

Consumer Finance Law Blog

Developments and Analysis of Consumer Financial Services Laws, Rules, and Regulations

Category Archives: Federal Reserve

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UPDATE: New Gift Card Rules To Take Effect on August 22, 2010 and Disclosure Requirements Will Now Take Effect on January 31, 2011

Posted in Federal Reserve, Gift Cards, Legislative Developments, Regulatory Developments
This is an update to an earlier post regarding the Federal Reserve Board’s final rules implementing the gift card provisions of the Credit Card Accountability Responsibility and Disclosure Act of 2009 (“CARD Act”). On July 27, 2010, H.R. 5502 was signed into law, extending the effective date of disclosure requirements under the CARD Act from … Continue Reading

Financial Reform Debate Far From Over

Posted in Consumer Financial Protection, Federal Reserve, Legislative Developments, Regulatory Developments
President Obama will soon sign the final Wall Street Reform and Consumer Protection Act, which the Senate passed last week. However, in many ways, the battle over financial reform has just begun. While the law makes broad and comprehensive changes to the nation’s financial system regulatory structure, many more details will be added in the months … Continue Reading

Financial Reform Negotiations Conclude

Posted in Consumer Financial Protection, Credit Cards, Fair Lending, Federal Reserve, Gift Cards, Legislative Developments
After working through the night, the Congressional conference committee tasked with negotiating a final financial reform bill voted 27-16 to approve the bill and send it back to each chamber for a final vote on the conference report. Recaps of the long day and night of negotiations and the final bill are available from Poltico, … Continue Reading

Senate Bill May Make It More Difficult for Large Banks to Satisfy Capital Reserve Requirements

Posted in Federal Reserve, Legislative Developments
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 capital standards facing financial institutions. Sen. Collins has stated that smaller financial institutions should no longer be subject to more lenient … Continue Reading

The Federal Reserve Board’s Final Gift Card Rules for the CARD Act

Posted in Federal Reserve, Gift Cards, Legislative Developments, Regulatory Developments
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 rules restrict fees and expiration dates on various types of gift certificates and cards, and require sellers and issuers to make specific disclosures. These … Continue Reading