Are you freaking kidding me????

http://www.federalreserve.gov/newsevents/press/bcreg/bcreg20091127a1.pdf

The Department of the Treasury and the Federal Reserve Board on Friday announced the release of a joint final rule to extend the compliance date for their joint regulation implementing certain provisions of the Unlawful Internet Gambling Enforcement Act by six months to June 1, 2010.

Now if only HUD would be so kind, Not likely.

I do not know how they cannot... are they not aware of how many LOS's are not ready to go, and will nto be for another 1-3 weeks???

::prepping for the worst, praying for the best::

Maybe they are waiting until December 29th for the delay I was already with the UGIEA.

^^^yeah, not so funny^^^

As my asst said, at least we are done.

::prayers for RESPA delay::

Just curious, are you going ahead with what you had ready already?? For instance, we had a new commercial deposit application and deposit agreement made up, plus due diligence questions. Knowing the law is in effect, would you be wrong to comply with what we currently know?

We will not delay implementation of the regulation. We will still comply with the requirements of the regulation today. We will jus tmonitor for changes needed as addtional information comes forward regarding this regulation.

Thanks! That is what I am recommending, just wanted to make sure I wasn't coming out of left field on this issue. Good to know someone else is out there with me too!

We discussed going ahead and implementing it anyway, but my thought (hope, prayer) is that it will be repealed altogether and in the end there will be no need to implement.

We would have held off implementing as well, except for the fact that we have an approved policy, account opening documents were revised to include the due diligence requirement, the deposit agreement was updated to reference Reg. GG, we already sent out commercial customers notices, and we have notices from our card providers. The only thing left was revising procedures.

We are to far into the process to just stop. Besides, with all the regulations already on our plates, we felt it was prudent to get this implemented so we can move one to other things.

Lori

We have put everything on hold but our notices have already gone out. Anyone else in this boat and what, if anything, should we do about the notices?

We had planned to go ahead since we had everything in place, but seeing the statement by Barney Frank that he still hoped the whole thing could be killed, we changed our thinking. Unfortunately, the notice to commercial customers had already been released (we don't expect a stampede of customers coming in to declare they run illegal gambling sites) and we had asked our vendor to block consumer gambling transactions, which will now be lifted.

Barney Frank makes a lot of statements that don't come to fruition.

We've done all the work. We're leaving it as is and not undoing anything. If good sense prevails and the reg gets rescinded, we'll just archive the policy on reg GG, stop blocking the card transactions and move on. It helps that we made the decision to not bank commercial customers that engage in internet gambling.