Just days before the compliance date for the Unlawful Internet Gambling Enforcement Act (UIGEA) the Federal Reserve (Fed) and U.S. Department of Treasury announced a push back of the law's 12/1/09 compliance date to 6/1/10.
The new compliance date will require all financial institutions to establish and implement policies and procedures to identify and block restricted Internet gambling transactions, or rely on those procedures established by the payments system. CUNA and a bi-partisan coalition of 19 lawmakers urged the Fed and Treasury to give financial institutions more time to comply with the complicated law. In October, House Financial Services Committee Chairman Barney Frank (D-Mass.) and 18 other members of that panel sent a letter to the heads of the Treasury Department and the Fed noting that at a time of economic crisis, it is too great a burden on regulators and the financial services industry to move ahead with rules to UIGEA. The current plan to implement the complicated law still appears burdensome and some still say lacks clarity and sufficient definition of terms.
The House Financial Services Committee already scheduled a hearing this week on two other internet gambling bills. Below are links to about the Fed/Treasury action on UIGEA delay.
· Federal Register Document - http://www.cuna.org/cgi-php/offlink.php?nnlink_id=31501
· CUNA Testimony on UIGEA - http://www.cuna.org/cgi-php/offlink.php?nnlink_id=31502
· CUNA Letter Urging 1-Yr. UIGEA Moratorium - http://www.cuna.org/cgi-php/offlink.php?nnlink_id=31503
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