An interesting tidbit about how banks feel about UIGEA

[loyo1]

Focus on the Family is evidently launching a letter writing campaign encouraging tough UIGEA regs. No surprise there. But a poster over at 2+2 offered an interesting bit of info, a result of his recent attendence at a financial services confernece. Here is what he wrote:

"There are really no surprises here, but I thought I would share something from our compliance officer at a recent financial services conference.

This was attended by a few state Commissioner of Banks, Regional heads of NCUA, FDIC, and other like bodies, and financial institutions of all sizes.

Anyhow a lengthy discussion ensued about banks being overburdened currently being the eyes and ears of government and were asking if they expected relief. Well the answer was probably not, but they are trying their best to not have it "explode". They mentioned progress working with Barney Frank's office on repealing the UIGEA.

They talked about time being better spent doing better on BSA, AML, etc. Their big focus is disaster recovery. Katrina showed how unprepared banks are for this type of event. Basically there are more important things to concentrate on than "making sure people don't gamble", it just shouldn't be the financial institutions responsibility.

Clearly banks have their pulse on this issue and are fighting hard."

Link to the thread:
http://forumserver.twoplustwo.com/showflat.php?Cat=0&Number=10536200&an=0&page=0&gonew=1#UNREAD

Think most of us have felt the banks really have no interest in being moral cops, but seeing this post made me feel a little more certain of that assumption.

[CroMagnon]

Thanks for posting this loyo. I would love the banks to fight this. It is ridiculous to have them the be wth gatekeepers, especially for something adults should be allowed to do.

I found this guys statement puzling,