Page:United States Statutes at Large Volume 123.djvu/1776

 123STA T . 1 756PUBLIC LA W 111 – 2 4—M A Y 22, 2 0 0 9asthen e wd ate for the bi ennia l re v iew re qu ired b y subse c tion ( a ). (d) BOARDREP OR T TOT H E C O NG RE S S. —T he Board shall re p ort to Con g ress not less frequently than every 2 years , e x cept as pro - vided in subsection (c)(2), on the status of its m ost recent review, its efforts to address any issues identified from the review, and any recommendations for legislation. (e) A DD I TIONA L REPORTING.—The F ederal ban k ing agencies (as that term is defined in section 3 of the Federal D eposit I nsurance Act) and the Federal Trade Commission shall provide annually to the Board, and the Board shall include in its annual report to Congress under section 10 of the Federal Reserve Act, information about the supervisory and enforcement activities of the agencies with respect to compliance by credit card issuers with applicable Federal consumer protection statutes and regulations, including— (1) this Act, the amendments made by this Act, and regula- tions prescribed under this Act and such amendments and (2) section 5 of the Federal Trade Commission Act, and regulations prescribed under the Federal Trade Commission Act, including part 22 7 of title 12 of the Code of Federal Regulations, as prescribed by the Board (referred to as ‘ ‘Regula- tion AA ’ ’). SEC.503 .S TOR E DVALU E. (a) IN G ENERAL.— N ot later than 270 days after the date of enactment of this Act, the S ecretary of the Treasury, in consultation with the Secretary of H omeland Security, shall issue regulations in final form implementing the Bank Secrecy Act, regarding the sale, issuance, redemption, or international transport of stored value, including stored value cards. (b) CONSIDERATION O F INTERNATIONAL TRANSPORT.—Regula- tions under this section regarding international transport of stored value may include reporting requirements pursuant to section 531 6 of title 31, U nited States Code. (c) EM ERGING M ETHODS FOR TRANSMITTAL AND STORAGE IN ELE C TRONIC FORM.—Regulations under this section shall take into consideration current and future needs and methodologies for transmitting and storing value in electronic form. SEC. 50 4 . P ROCEDURE F ORT IM EL Y SETTLEME N T OF ESTATES OF DECEDENT O B LI G ORS. (a) IN GENERAL.—Chapter 2 of the Truth in L ending Act ( U.S.C. 1631 et seq.) is amended by adding at the end the following new section

‘ §140AProcedu re f or tim e lys ettleme n tofest a tes of decedent o b li g ors ‘‘The Board, in consultation with the Federal Trade Commission and each other agency referred to in section 10 8 (a), shall prescribe regulations to require any creditor, with respect to any credit card account under an open end consumer credit plan, to establish proce- dures to ensure that any administrator of an estate of any deceased obligor with respect to such account can resolve outstanding credit balances in a timely manner.’’. Regulations.15USC 1 6 51. 15 USC 16 3 1 ets e q . D ea d line. Regulations. 31 USC 5311 note.