Senate passed, by unanimous consent, NBPCA backed H.R. 5502, the ECO Card Act

On the evening of July 13, the Senate passed, by unanimous consent, NBPCA backed H.R. 5502, the ECO Card Act granting the prepaid industry an extension of the deadline for compliance with the new Federal reserve regulations governing gift cards under the CARD Act. It will now go to the President for his signature. This is a significant victory for the industry and grants us a meaningful period to transition until January 31, 2011 thereby avoiding the needless destruction of hundreds of millions of cards and packaging that would have resulted in millions of dollars in losses and the potential for limited to no gift card stock on the shelves during the holiday season. NBPCA worked closely with key industry players and a large number of congressional supporters from both sides of the aisle to secure this legislative victory.

To view the NBPCA Press Release:

ECO Gift CARD Act

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