Treasury details internet gambling ban
WASHINGTON - As reported by the Associated Press: “The Treasury Department and the Federal Reserve continue to finalize a new rule that would put the onus on banks to help crack down on online gambling by U.S. citizens, a Treasury official said Wednesday.
“In prepared remarks, Deputy Assistant Secretary Valerie Abend said banking regulators are focusing their efforts on banks that do business with gambling companies, as well as the interaction between U.S. banks and foreign banks that may be tied to online gambling.
“…A public comment period on the proposed rule is scheduled to close Dec. 12. Abend said Treasury expects a large number of responses and would provide analysis and reasons for any decisions based on the comments received…”