After rumors had circulated that the UIGEA compliance date would be pushed back at the last second, the Treasury and Fed did exactly that, delaying the online casino ban another six months.

In a joint statement today, the Federal Reserve and the Treasury Department announced the extension of the delay in mandatory compliance with the UIGEA rules concerning payments to online casinos. Financial institutions were granted a six-month reprieve to put systems in place to block the processing of transactions to Internet casinos.

The date for implementation, which had been set for December 1st, was moved back to June 1st. The government agencies were reacting to a number of pleas to stall the enforcement of UIGEA rules until legislative alternatives could be examined.

"Commentators expressed concern that the Act and the final regulation do not provide a clear definition of 'unlawful Internet gambling,' which is central to compliance," said the federal statement. Numerous complaints have arisen attacking the Internet gambling ban for vague language, leaving interpretation to frustrated financial operators.

A group of nineteen US Representatives, led by UIGEA foe Barney Frank, had asked for a delay while measures authored by Frank which would make the UIGEA moot could be considered in Congress. Then, after discovering horse race betting on the Internet was being rejected by  some card companies, the full contingent of Kentucky Congressmen wrote a bipartisan letter to the Treasury, again asking for more time.

Despite demands by Senator Jon Kyl and Representative Spencer Bachus, two men instrumental in foisting the UIGEA onto a Homeland Security bill at the last second to avoid proper debate or consideration, that the midnight rules be enacted as scheduled, the financial overseers decided to give lawmakers a chance to fix the many flaws in the unpopular online gambling ban.

Published on November 27, 2009 by JoshuaMcCarthy

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