The Federal Reserve Board issued a final rule implementing the ECO-Gift Card Act, which modified the effective date of certain disclosure requirements applicable to gift cards under the Credit Card Accountability Responsibility and Disclosure Act of 2009. For gift cards produced prior to April 1, 2010, the legislation and the final rule delay the August 22, 2010 effective date of these disclosures until January 31, 2011, provided that several specified conditions are met.

Reportedly, the rule will save from destruction more than 100 million plastic cards. This is a “win-win” for the environment, retailers, and the prepaid card industry.