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Banks, Gaming Associations Get Reprieve from Internet Gambling Rules
By Brian Monroe
printU.S. financial regulators Friday granted financial institutions a six-month delay in enforcing a controversial Internet gambling ban that will require banks to freeze transactions tied to the illegal organizations. The joint final rule by the U.S. Treasury Department and Federal Reserve, dated Nov. 25 but released Friday, partly acquiesced to a Sept. 18 letter by 19 lawmakers requesting that the Dec. 1 enforcement date of the Unlawful Internet Gambling Enforcement Act (UIGEA) be postponed a year. House Financial Services Committee Chairman Barney Frank (D-MA), Ron Paul (R-TX), Judy Biggert (R-IL) and others said in the letter that the UIGEA would...
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