Home	Tutorial	Online Casino Reviews	Best Online Casinos	Casino Software	Casino News

Online Casino Gambling --- Casino News

Banks Overly Burdened

Congressman Barney Frank has spent nearly four years now attempting to repeal the highly controversial UIGEA and replace the flawed piece of legislation with a bill that would license, regulate, and tax the industry. As the House Financial Services Committee continues to consider and debate Congressman Frank’s bill there is a huge amount of objection to the UIGEA rather than necessarily support for Frank’s planned new legislation. The banking industry in particular is not so much weighing in on the necessity of Frank’s bill in particular, but rather supporting the proposed internet gambling legislation because it would supersede the UIGEA and lessen the burden that has currently been placed on the US financial services sectors.

The support of the banking industry is an important component to the planned counter legislation and Frank has developed the new online casino gambling regulations as a way to specifically ease the burden that is facing the US banks. Representatives from the banking industry have actually spoken during Congressional hearings about Frank’s bill and spoke out in opposition of the UIGEA, citing the unreasonable burden that the UIGEA enforcement regulations have put on an already struggling US banking industry. The banks contend that it is too difficult to monitor each and every single payment for compliance and that this is overtaxing the banking systems – they are not designed to blocks transactions with online casinos and overhauling the filters at this point is pricey and not paid for by the government as a part of the UIGEA.

The UIGEA enforcement regulations against the online casinos comes at the same exact time as the new federal policies that are designed to tighten controls and requirements in the banking industry to better prevent another economic crisis. The banking industry now has a double burden to not only seek out these internet gambling transactions but also completely overhauling their systems to better prevent economic weakness in the economy and predatory lending. Out of the two new requirements the internet gambling just doesn’t seem quite as important as the other new regulations and policies taking effect.