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#1
06-13-2007, 10:11 AM
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Banks Backing UIGEA Lawsuit?
I found the following mentioned casually as an after thought in a story.
"Speaking of which, Gambling911.com can now reveal that the banking industry may be working hard behind the scenes to get this injunction through. A source close to Gambling911 says that the banks are furious over what the official says is "an unfunded mandate by politicians that will cost us (the banking industry) billions of dollars". Read Story: http://www.gambling911.com/Costa-Ric...ng-061207.html obg 
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#2
06-13-2007, 10:54 AM
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Re: Banks Backing UIGEA Lawsuit?
It's obviously going to cost banks a lot which they don't want. They currently do not check to see what you are sending to and they would now have to check if it is gambling related. IMO the customer should be able to send to what they want.
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#3
06-13-2007, 10:59 AM
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Re: Banks Backing UIGEA Lawsuit?
The bad news is that the proposed regulations might be really bad. Thus, the banks are trying to prevent them from being enforceable.
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#4
06-13-2007, 11:06 AM
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Re: Banks Backing UIGEA Lawsuit?
[ QUOTE ]
The bad news is that the proposed regulations might be really bad. Thus, the banks are trying to prevent them from being enforceable. [/ QUOTE ] There has been that potential from the second the bill was signed. I wouldn't read into anything at this point about being concrete about the "teeth" of the bill in either direction. If the bill only included checking wires to a specific list, that is still a giant pain in the neck and I think they would oppose.
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#5
06-13-2007, 11:23 AM
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Re: Banks Backing UIGEA Lawsuit?
[ QUOTE ]
The bad news is that the proposed regulations might be really bad. Thus, the banks are trying to prevent them from being enforceable. [/ QUOTE ] Yes, they may have inside knowledge of the regulations, but they are not posted for public comment yet. As a note, the banks opposed the UIGEA in hearings before the House before it was passed as well as they felt it too much, too expensive and would ACTUALLY detract from the efforts they are currently doing gratis for the government to combat REAL terrorism. obg
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#7
06-13-2007, 05:37 PM
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Re: Banks Backing UIGEA Lawsuit? Uh, yeah, sure, uh uh.
"Gambling911.com can now reveal that the banking industry may be working hard behind the scenes to get this injunction through"
Wishful thinking, no basis in fact.
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#8
06-13-2007, 06:07 PM
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Re: Banks Backing UIGEA Lawsuit?
[ QUOTE ]
Yeah....isn't their supposed to be a review period of the regulations before they are made final? [/ QUOTE ] Yes, there has to be a public comment period. minimun 30 days but I think in the banking sector regs it is 60 days. Keep upto date at: www.regulations.gov You can check each afternoon for newly posted regs. As to the banks backing the injunction, I think probable. obg
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#9
06-13-2007, 07:16 PM
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Re: Banks Backing UIGEA Lawsuit? Uh, yeah, sure, uh uh.
[ QUOTE ]
"Gambling911.com can now reveal that the banking industry may be working hard behind the scenes to get this injunction through" Wishful thinking, no basis in fact. [/ QUOTE ] Gambling911 has repeatedly proven itself to be unreliable, so I would not read seriously into anything that they print.
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#10
06-14-2007, 08:57 PM
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Re: Banks Backing UIGEA Lawsuit? Uh, yeah, sure, uh uh.
[ QUOTE ]
[ QUOTE ] "Gambling911.com can now reveal that the banking industry may be working hard behind the scenes to get this injunction through" Wishful thinking, no basis in fact. [/ QUOTE ] Gambling911 has repeatedly proven itself to be unreliable, so I would not read seriously into anything that they print. [/ QUOTE ] True. They have also had some decent "scoops", so the story is worth some attention.
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