ABA No Likey UIGEA
Here ye! Here ye! The Unlawful Internet Gambling Enforcement Act is considered a bad law.
(insert sound of crickets here)
In a great article by Haley Hintze covering the American Banking Association's response to the UIGEA's demand on their practices, the bankers have responded with with no love for this vague law. No love meaning the ABA is confused upon what exactly is being asked of them to police in the first place (of course also mentioning the fact that banks shouldn't have to have the burden of donning a badge or blue uniform). In an 11-page synopsis forwarded from the ABA to the Feds, they are asking the government to clarify nine different points before even attempting to go through with the massive amount of re-work to the system to keep from "illegal internet" banking activities from occurring.
I suggest reading the entire article at PokerNews.com but if you'd like the cliff notes, Haley included a summary at the bottom:
In summary, the American Banking Association was not pleased with the requirements and mandates laid upon the banking industry with the passage of the UIGEA. Whether such strident opposition ultimately results in the abandonment or reworking of the UIGEA as a matter of practical law remains to be seen. In ending, the ABA noted this: "(G)iven that there are several points requiring change or clarification, including the essential component – a definition of what transactions "unlawful Internet gambling" encompasses – several revisions must be made and a new rule proposed for further comment. Even then, major, fundamental flaws must be cured before effective implementation of the UIGEA can even be contemplated."