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CUNA urges Internet Gambling Act plan moratorium
WASHINGTON (12/11/07)—The Credit Union National Association (CUNA) today is urging a moratorium for implementation of provisions of the Unlawful Internet Gambling Enforcement Act of 2006. In a letter to House Financial Services Committee Chairman Barney Frank (D-Mass.), CUNA President/CEO Dan Mica voiced concerns about a pending implementation plan issued by the Treasury Department and Federal Reserve Board. The CUNA letter backed the law’s intent to crack down on illegal online gambling and added that credit unions support “reasonable efforts” to protect consumers from falling prey to unscrupulous unlawful gaming activities through the Internet. However, Mica said CUNA members are concerned that the current plan to implement the law will place “unforeseen regulatory burdens” on credit unions and other financial institutions. Noting that a Treasury-Fed comment period ends Dec. 12, Mica wrote, “We urge you to step in now to direct a moratorium on the implementation of the pending proposal, until a more reasonable approach can be considered by Congress and the regulators.” On another topic of key interest to credit unions, Mica commended Frank for his leadership, and that of Chairman Melvin Watt (D-NC) of the House Financial Services subcommittee on oversight and investigations,. in May demonstrated by holding a hearing on Currency Transaction Reports (CTRs) and Suspicious Activity Reports (SARs). The CUNA letter said a full committee hearing addressing “the continuing issues” regarding the Bank Secrecy Act (BSA) would be “extremely beneficial” and should look at the scope of BSA requirements that financial institutions must meet, as well as enforcement inconsistencies. “Credit unions are not looking for ways to simply avoid regulatory responsibilities, and they support efficient efforts to combat terrorism and regulate money laundering,” Mica wrote to the chairman. “However, the growing burden credit unions must bear is increasingly diverting them from meeting their primary objective of serving their members.”


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