Any educated guesses on when regs will kick in?

[dibbs]

Is this even possible for people to predict?

For those in the know, what group is actually deciding on the regulations, and is this legislation the only thing they are assigned to or is it one of many they have to deal with? Are we looking at probably closer to the prescribed max of 270 or something in the middle or is it impossible to predict? Is there anywhere we can read up on the progress with it?

I know pretty much nothing about this aspect of our problem and havent seen it discussed on here, any insight would be greatly appreciated.

[antistuff]

Actually, that is a very good question. Who writes up these regs? Are they people worth writting letters to?

[Sniper]

dibbs,

At this time, it is impossible to guess how long the process to approve regualtions and then for the banks to put procedures in place to follow them will take.

The best thing to do is to stay on top of comments from the Fed on steps it is taking and from the banks (and other processors, like Neteller) on their reactions.

I expect as these comments occur, someone will post them here.

Here is a link to a Recent speech by Bernanke (http://www.federalreserve.gov/boarddocs/speeches/2006/20061016/default.htm) , the Chaiman of the Federal Reserve, on Oct 16th... and while the speech does not directly address the Anti-Gambling act, it does address the issue of congress imposing regulations on the banks.

[dibbs]

Sounds good, thanks a lot Snipe.

[TheFTPMachine]

at least 3 months and up to 9 months

[mattnxtc]

interesting to see what the banks deem "cost effective." From what has been said about what it would take to do what congress wants done, there would be a heavy cost that it appears banks wont be willing to bear

[ericicecream]

[ QUOTE ]
Is this even possible for people to predict?

For those in the know, what group is actually deciding on the regulations, and is this legislation the only thing they are assigned to or is it one of many they have to deal with? Are we looking at probably closer to the prescribed max of 270 or something in the middle or is it impossible to predict? Is there anywhere we can read up on the progress with it?

I know pretty much nothing about this aspect of our problem and havent seen it discussed on here, any insight would be greatly appreciated.

[/ QUOTE ]

The Federal Reserve Governors have many tasks. Writing the regulations for this bill will be one of them and will be added to their calander. I doubt that it will be their main priority over the coming months, though I would think that they may start preliminary meetings since it will likely take many meetings to finish the regulations. That's why they are given 270 days to complete it. My guess is that it will take much closer to the full 270 days than it will to 30 days. They will likely add a compliance grace period for banks to comply with the regulations. It's anybody's guess how long that grace period will be and some banks may comply much sooner than that and some may drag their feet. This could give a company like Neteller (not under Fed authority but agreeing to comply with the regs) a year or more from now before they stop processing gambling transactions from U.S. customers.

The Governors have some latitude but must follow the provisions set in the bill. The Governors don't give out any email addresses but you can snailmail them at:

The Honorable List of Governors (http://www.federalreserve.gov/bios/)
Federal Reserve Board
20th Street and Constitution Avenue, NW
Washington, DC 20551

I don't see a calander on the Federal Reserve website (http://www.federalreserve.gov/) but you can check there occassionally for their latest news to see if there is any mention of the regulations.

[ZeeJustin]

[ QUOTE ]
Who writes up these regs?

[/ QUOTE ]

According to the actual Bill:

[ QUOTE ]
... the Secretary and the Board of Governors of the Federal Reserve System, in consultation with the Attorney General, shall prescribe regulations...

[/ QUOTE ]

Technically this doesn't answer you're question. I'm not sure who will literally write it, but the people listed above are responsible for it essentially.

[Sniper]

Hi ZJ.

The process will likely go something like this...

Committee at Fed Reserve is established to draft regs in consultation with AG and banks.

Committee documents draft reg proposal... takes comments, reviews, revised draft, rinse/repeat cycle for a bit.

Proposed Regs get approved.

I agree with Icecream that the process is likely to take closer to the 270 days.

Banks then have to modify processes and procedures to follow Regs.

But, its too early to guess how long the process will take with any certainty, until they start commenting on it... and what those actual regulations are, may be more important than how long it takes.

[whangarei]

[ QUOTE ]
[ QUOTE ]
Who writes up these regs?

[/ QUOTE ]

According to the actual Bill:

[ QUOTE ]
... the Secretary and the Board of Governors of the Federal Reserve System, in consultation with the Attorney General, shall prescribe regulations...

[/ QUOTE ]


[/ QUOTE ]

Ewwwww ... I didn't realize the AG was involved. He seems hell bent on killing IG.

[DespotInExile]

Rulemaking has to be an open process, so the notice and comment period will be published in the Federal Register.

[4_2_it]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
Who writes up these regs?

[/ QUOTE ]

According to the actual Bill:

[ QUOTE ]
... the Secretary and the Board of Governors of the Federal Reserve System, in consultation with the Attorney General, shall prescribe regulations...

[/ QUOTE ]


[/ QUOTE ]

Ewwwww ... I didn't realize the AG was involved. He seems hell bent on killing IG.

[/ QUOTE ]

I believe the AG just reviews the rules to insure they are in accordance with all existing law. The AG is NOT charged with promulgating the rules.

[adios]

[ QUOTE ]
interesting to see what the banks deem "cost effective." From what has been said about what it would take to do what congress wants done, there would be a heavy cost that it appears banks wont be willing to bear

[/ QUOTE ]

That's something that's important to remember IMO. U.S. banks won't want to be used as quasi regulators IMO (I'm sure many in the government would be more than happy to pin this function on U.S. banks FWIW). For instance if I move money to financial entity A; then move it to financial entity B from A; and then move money from financial entity B to my favorite poker site; the banks don't want to be responsible for "monitoring" this transaction process. In the process I outlined, if financial entity A is outside the jurisdiction of the U.S. government and has no dealings with gambling sites whatsoever, there's really no way for U.S. banks to effectively "monitor" the transaction process I described IMO.

[mikeh1975]

i keep reading articles stating that the independent bankers of america made a statement that if that if they didn't have the resources to monitor these transactions then they didn't have to fully comply or something to that affect.i'd definitely be looking for a bank of that nature to do my business with.....