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CU Card Executives Nervous About Senate Bill on Prepaid Cards

Executives with card processors and CUSOs that issue pre-paid gift cards are mustering opposition to a Senate measure which, they say, would close down much of the pre-paid gift card issuing in the U.S.

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Executives with card processors and CUSOs that issue pre-paid gift cards are mustering opposition to a Senate measure which, they say, would close down much of the pre-paid gift card issuing in the U.S.

Authored by Senator Charles Schumer (D-N.Y.) and cosponsored by Senator Mark Udall (D-CO.), the Fair Gift Card Act of 2009 would essentially eliminate almost all fees on all pre-paid cards, including those it calls “general use pre-paid cards” that are marked with a Visa or MasterCard brand.

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