The Department of the Treasury and the Board of Governors of the Federal Reserve System have announced the release of a joint proposed rule to implement the Unlawful Internet Gambling Enforcement Act. The Act prohibits gambling businesses from accepting payments in connection with unlawful Internet gambling, including payments made through credit cards, electronic funds transfers, and checks.   » Continue Reading

Eric Pfanner reports for the International Herald Tribune on passage Saturday of legislation that is intended to "make it a crime to use credit cards or online payment systems for Internet betting." The legislation provides for a 270 day period within which the Treasury Department and the Federal Reserve System would need to enact the specific rules to implement the legislation. A primary sponsor of the legislation, Rep. Jim Leach of Iowa, takes credit for its passage on his web site.

Stacy Kaper reports for the American Banker on comments from Rep. Jim Leach on last week's demise in the Senate of a bill intended to limit Internet gambling. The Independent Community Bankers of America had commented late last month (PDF) that the bill would "would create an impossible compliance burden for “uncoded” transactions. Unlike credit card transactions, which include a code that identifies the type of business – including gambling – that is receiving payment, uncoded transactions do not provide a bank with this information. So, while it is possible to monitor and block credit card transactions, a bank cannot do this with uncoded transactions. Uncoded transactions include Automated Clearing House (ACH) transactions as well as paper and electronic checks."

The AP reports that the House has passed legislation today that would "prevent gamblers from using credit cards to bet online and could block access to gambling Web sites." Reps. Bob Goodlatte, R-Va., and Jim Leach, R-Iowa sponsored the bill.   » Continue Reading

Michael Jivkov writes for the UK's Independent about yesterday's financial results reported by Neteller and asks the question "is there no end in sight to the company's growth?"   » Continue Reading