Bill text up

[StellarWind]

[ QUOTE ]
[ QUOTE ]
3. The rulemakers apparently have a duty under 5364(b)(4) to ensure that their rules don't result in blocking of legal transactions. That would seem to prevent rules that result in blocking deposits to Neteller and similar services.

[/ QUOTE ]

My understanding is that this section waives them from civil proceedings (e.g. lawsuits) for failing in this duty. Put differently, it takes the burden of proof off the banks; you couldn't sue them if they inadvertently block a NETELLER<->Ebay transaction, for example.

[/ QUOTE ]
I just realized that we are not looking at the same section. Look under 5364(b)(4):

"(b) REQUIREMENTS FOR POLICIES AND PROCEDURES.--In prescribing regulations under subsection (a), the Secretary and the Board of Governors of the Federal Reserve System shall--

...

(4) ensure that transactions in connection with any activity excluded from the definition of unlawful gambling in subparagraphs (B), (C), or (D)(i) of section 5362(10) are not blocked or otherwise prevented or prohibited by the prescribed regulations."