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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.)


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