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News Now

Washington
New UIGEA date doesnt erase problems CUNA
WASHINGTON (12/2/09)--While last week’s announcement that the Federal Reserve and the U.S. Department of Treasury would push back the compliance date for the Unlawful Internet Gambling Enforcement Act (UIGEA) until June 1, 2010, is a positive development, the Credit Union National Association (CUNA) continues to work for more substantive changes to the bill. Portions of the UIGEA would require credit unions and other financial institutions to establish and implement policies and procedures to identify and block restricted Internet gambling transactions, or rely on those procedures established by the payments system. CUNA has warned that the postponement does not mean that credit unions should postpone moving ahead with compliance efforts in the hope that the UIGEA requirements will be delayed further or eliminated. According to the Federal Register, the effective date of the final rule remains Jan. 19, 2009. Frank also earlier this year introduced a second bill, H.R. 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act, which 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. It is believed that Frank favors passage of H.R. 2267 over any additional changes to UIGEA. While CUNA is neutral on the legality of internet gambling, CUNA has warned that aspects of UIGEA are difficult, if not impossible, to implement, and has said that an increased policing role, as demanded by UGIEA, could interfere with financial institutions' fundamental business to provide financial services to their communities.


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