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News Now

Washington
Committee to consider financial stability UIGEA
WASHINGTON (11/30/09)—This week the House Financial Services Committee has a vote on its calendar for H.R. 3996, the Financial Stability Improvement Act, and will conduct hearings on two Internet gambling bills. The vote is scheduled for Wednesday, and the committee intends to vote on H.R. 2609, Federal Insurance Office Act of 2009 as well. Also on Wednesday, the panel has planned a hearing on the FY09 FHA Actuarial Report. H.R. 3996 would create a stabilization resolution fund, located at the Federal Deposit Insurance Corporation, to cover the cost of resolving failing financial companies that are systemically important to the financial system. The National Credit Union Share Insurance Fund (NCUSIF) currently has similar authority with respect to insured credit unions. The Credit Union National Association (CUNA) backed an important amendment to the bill which was offered by Rep. Brad Sherman (D-Calif.) and adopted by the committee. Any institutions with less than $50 billion in assets are exempt from providing initial funding for the new fund, thereby excluding all credit unions from the assessment. On Thursday, the committee is scheduled to conduct a hearing spotlighting Internet gambling. Both H.R. 2266, the Reasonable Prudence in Regulation Act and H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act will be discussed. Both bills were introduced by the committee chairman, Rep. Barney Frank (D-Mass.).The Reasonable Prudence in Regulation Act would push back implementation of the Unlawful Internet Gambling Enforcement Act (UIGEA) by a year. It's currently due to take effect on Dec. 1. CUNA supports this bill. Frank's second bill, the Internet Gambling Regulation Consumer Protection and Enforcement Act, would allow Internet gambling companies to accept bets from persons in the United States if they are licensed by the U.S. Treasury Department and maintain effective protections against underage and compulsive gambling and money laundering and fraud. CUNA hasn't taken a position on this legislation.


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