Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive
150x172_CUEffect.jpg
Contacts
LISA MCCUEVICE PRESIDENT OF COMMUNICATIONS
EDITOR-IN-CHIEF
MICHELLE WILLITSManaging Editor
RON JOOSSASSISTANT EDITOR
ALEX MCVEIGHSTAFF NEWSWRITER
TOM SAKASHSTAFF NEWSWRITER

News Now

Washington
CUNA Internet gambling plan unworkable
WASHINGTON (12/14/07)—Credit union compliance with proposed rules to crack down on illegal online gambling would be difficult if not impossible, and the Credit Union National Association (CUNA) urged regulators to shelve their current plan. “The law passed by Congress has commendable objectives, but is difficult to implement,” CUNA wrote in a comment letter to the Treasury Department and Federal Reserve Board about their joint proposal to implement the Unlawful Internet Gambling Enforcement Act. “We feel that rather than continue with implementation of the current proposal, which raises a range of problematic issues, the regulators should work together with Congress to develop an approach that will meet public policy goals in a clearly understood manner and without inflicting undue hardships on the financial institution sector in the process,” CUNA said. The Dec. 12 CUNA letter noted that President/CEO Dan Mica recently communicated his group’s concerns with the Internet gambling proposal to House Financial Services Committee Chairman Barney Frank (D-Mass.). In a letter to Frank, Mica urged a moratorium on actions to implement the law until “a more reasonable approach can be considered by Congress and the regulators.” CUNA identified the following problem areas in the joint agency plan:
* The definition of “Unlawful Internet Gambling” is unclear; * The “Policies and Procedures” explanations should be expanded; * The “safe harbor” should be enlarged; * Enforcement provisions should be clarified; and * The effective date should be extended.
Use the resource link below to read CUNA’s complete letter.


RSS





print
News Now LiveWire
#Maine #creditunion membership growth continues record pace http://t.co/yFRur4TQ0x
12 hours ago
.@TheNCUA closes N.Dade Community Development FCU,Miami Gardens, Fla. determining CU violated some charter provisions,bylaws & fed. rules.
13 hours ago
Why a #creditunion can be a good fit for #smallbiz http://t.co/l7Df9b8vQZ @fundbox
15 hours ago
Who's most adept at saving these days? The middle class, says @Bankrate http://t.co/zVi7typdVU
16 hours ago
.@OregonCCU donates $20K in Sprint program monies to @CMNHospitals @CU4Kids via @NWCUA http://t.co/0wTAH5NTNI
16 hours ago