Any educated guesses on when regs will kick in?

[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.....

[TheFTPMachine]

at least 3 months and up to 9 months

[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
Federal Reserve Board
20th Street and Constitution Avenue, NW
Washington, DC 20551

I don't see a calander on the Federal Reserve website but you can check there occassionally for their latest news to see if there is any mention of the regulations.

[DespotInExile]

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