Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CUNA supports UIGEA delay
WASHINGTON (5/14/09)—The Credit Union National Association (CUNA) expressed its support for recently introduced legislation that would delay implementation of rules aimed at policing illegal gambling, and called upon Congress to enact the legislation as soon as possible. In a May 12 letter written to Rep. Barney Frank (D-Mass.), CUNA said that the regulations proposed by the Unlawful Internet Gambling Enforcement Act (UIGEA) represent “unreasonable policing requirements” that would be “difficult, if not impossible, for financial institutions to meet” and would “divert credit unions from their intended purpose of providing financial services to their members.” H.R. 2266, introduced by Rep. Barney Frank (D-Mass.) on May 6, would prevent the Secretary of the Treasury and the Federal Reserve from taking any action on UIGEA until December 2010. UIGEA would force financial institutions to identify and block various online gambling transactions. Financial institutions could create their own anti-gambling policies or rely on the policies and procedures created by the payments system. Rules implementing UIGEA are currently set to go into effect on Dec. 1, 2009. In related news, Frank, who is chairman of the House Financial Services Committee, on May 6 also introduced legislation that would legalize internet gambling by allowing licensed and federally regulated online gambling operators to accept wagers and bets from U.S. citizens. (See related May 7 story: New Internet gambling bills unveiled.)


RSS print
News Now LiveWire
Did you ask @CommonwealthCU CEO a fin. question on #heyKaren day? She'll answer #likeaboss http://t.co/2PgZAp9qu0 https://t.co/RySBvM4rBc
9 hours ago
Texans linebacker Cushing continues outreach, spokesman role for @FirstCommCU http://t.co/wIUGhn9okM
12 hours ago
Despite what consumers say, big banks still hold sway over market via @Marketplace http://t.co/ozH69d8soj
14 hours ago
Erie, Pa., Americo FCU CEO praises staff for actions during robbery http://t.co/yyhaPnDtXh
14 hours ago
"Shreditorial" praises good deeds of @DannemoraFedCU http://t.co/06qKe0mhzR
14 hours ago