Federal Reserve System: Electronic Fund Transfers
GAO-10-600R: Apr 15, 2010
- Full Report:
GAO reviewed the Board of Governors of the Federal Reserve System's (Board) new rule on electronic fund transfers. GAO fouind that (1) the final rule restricts a person's ability to impose dormancy, inactivity, or service fees for certain prepaid products, primarily gift cards; and that the Board complied with the applicable requirements in promulgating the rule.