Banker Weighs In On UIGEA
24 April 2010
Steve Kenneally, Vice President of the American Bankers Association, recently gave an interview where he spoke out against UIGEA. In the interview, he called the law ineffective and a costly piece of legislation.
He stated that the banks will be able to enforce the law in most cases, but it will take time to implement. He went on to state that there are certain types of transactions that the banks will not be able to stop. One example would be wire transfers. Another would be if the player would write a check to the gambling site. Since the check would be in the name of the holding company, the bank would have no idea if the holding is involved in online gambling, and thus would not stop the transaction.
Another problem would be if overzealous bankers erred on the side of caution and stopped legitimate transactions, ie: the buying of state lottery tickets.
He further stated that the costs involved with the enforcement of UIGEA will be high and that the banks cannot bear those costs themselves. So the costs would be passed on across the board to all, even people who have no interest in online gambling.
Kenneally stated that the only real solution is the legalization and regulation of online gaming. And with the June 1st deadline for the implementation of UIGEA, and no new hearing date on Barney Frank’s bills, the banks, and everybody else, are just going to have to be ready for June 1.
27 March 2010The Time To Repeal UIGEA IS Now
With the signing into law of the health care reform legislation, the United States Congress will be free to finally start working on other legislation which has been forced onto back burners for much of the last year. The biggest bill of this group is Barney Frank’s (D-MA) HR 2267, the InternetGambling Regulation, Consumer Protection, and Enforcement Act. As the name implies, this bill would regulate and tax internet gaming, and would protect consumers from racketeering and money laundering.Read full article
08 April 2010Senator Jon Kyl is Approached by the PPA
Arizona Republican Senator Jon Kyl is a wanted man. Many poker groups, like the Poker Players Alliance (PPA), want to meet with him and discuss their ideas for an exemption for online poker from the regulations of UIGEA. Senator Kyl is a co-sponsor of the Unlawful Internet Gaming Enforcement Act (UIGEA). Senator Kyl is dead set against online gambling, including online poker. He calls it the “crack cocaine” of gambling.Enforcement of the provisions of UIGEA is set to begin June 1, 2010.Read full article
10 April 2010Online Gambling Bills To Be Heard Next Week
Rep. Barney Frank’s hard work is about to pay off. His online gambling bills, the Reasonable Prudence in Regulation Act (HR2266) and Internet Gambling Regulation, Consumer Protection and Enforcement Act (HR 2267), are to be heard by the House Committee on Financial Services on April 16. With the provisions of UIGEA set to be enforced starting June 1st, and no more extensions expected, it is a bit of good news for online gambling.Read full article