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
Online gambling legalization bill introduced
WASHINGTON (3/21/11)--Legislation that would allow the U.S. Treasury to license internet gambling operators and would permit approved operators to accept bets from U.S. citizens was again offered in the House late last week. The Internet Gambling Regulation, Consumer Protection, and Enforcement Act was introduced by Rep. John Campbell (R-Calif.), with Rep. Barney Frank (D-Mass.) serving as its main co-sponsor. Reps. Ed Perlmutter (D-Colo.) and Peter King (R-N.Y.) have also co-sponsored the bill. Frank introduced identical legislation last year, and that bill gained House Financial Services Committee approval in July. It did not come up for further vote in the full House, however. The new gaming legislation would ease the compliance burdens imposed by the Unlawful Internet Gaming Enforcement Act (UIGEA) by supplying a list of approved Internet gambling providers that financial institutions could use to help determine what transactions to validate. UIGEA, as currently constructed, requires 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. While many transactions that are made with illegal gambling operators are blocked, the UIGEA regulations do result in a large number of false positives, creating issues for both credit union members and credit unions.


RSS





print
News Now LiveWire
Credit card issuers could see a reduced burden for 1 year under a @CFPB proposal issued this week. News Now: http://t.co/CYVXLUmVBq
4 hours ago
RT @CUEscan: Branches Will Be the Cornerstone of Growth http://t.co/fVqPPaGeVL http://t.co/xxMyKGQMrl
5 hours ago
RT @asmarterchoice: According to @Bankrate study, customers more likely to find FREE checking at #Creditunion than a bank! http://t.co/ntCb…
5 hours ago
Ditch monthly subscriptions to save $$, @YoungFreeMI Fielder tells @freep http://t.co/TFnsps4Dui #ASW2015
5 hours ago
.@federalreserve extends comment period for capital surcharges on systemically important U.S. bank holding cos. http://t.co/MOJJBn9DfA
7 hours ago