Source: Corbett C. Daly, Reuters [ABC News]

The U.S. Federal Reserve stepped up its consumer protection efforts for the second time in less than a week on Monday, proposing to limit the ability of gift card issuers to impose excessive fees.

The Fed proposed banning any fees for the first year, and limiting gift card issuers to one fee per month if the card is not used for at least a year. It also requires clear disclosure to the consumer about possible penalties.Last week the central bank banned overdraft fees on automated-teller-machine and debit-card transactions unless consumers have actively selected an overdraft protection service.

Read Full Article: Fed issues rules on excessive gift card fees