Banking industry opposes Fed's proposals for gift cards

12/30/2009 | CNNMoney

The Federal Reserve is working on new rules to curb fees on gift cards, but the banking industry is seeking to narrow the scope of the changes. For example, banking representatives want to maintain replacement fees for cards that have been lost. "We think the replacement cost is a normal part of a transaction given the cash nature of gift cards," said Scott Talbott, senior vice president of government affairs for The Financial Services Roundtable.

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