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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.


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