Gift cards sold on or after Aug. 22 must have at least five years until they expire and card issuers can't charge fees for replacing an expired certificate or card or for refunding the remaining balance.
Provisions of a regulatory reform bill aimed at increasing disclosure requirements for financial institutions and other providers of wire transfer services violate the Uniform Commercial Code and could prevent credit unions from offering those services.
Low inflation and a sluggish economy are "likely to warrant exceptionally low levels of the federal funds rate for an extended period," Federal Reserve Chairman Ben S. Bernanke told the House Banking Committee today.
Roughly 95% of credit unions that process their credit card transactions with The Members Group have stopped allowing members to go over their card's limits, the processor said.
Ohio credit unions pressed their case with state lawmakers this week to pass an enabling bill on depositing public funds in CUs, an issue which continues to draw fierce opposition from the banking lobby.
