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News Now

Washington
Online gambling regs up for markup this week
WASHINGTON (7/26/10)--Rep. Barney Frank (D-Mass.) on Friday announced that his House Financial Services Committee will begin the process of marking up H.R. 2267, Internet Gambling Regulation, Consumer Protection, and Enforcement Act, on Tuesday. Discovery FCU President/CEO Ed Williams testified on behalf of the Credit Union National Association during a recent House committee hearing on H.R. 2267. During the hearing, which took place last Wednesday, Williams said that fully licensing and regulating online gambling portals used by U.S. citizens would eliminate some of the uncertainty that credit unions face regarding compliance with the Unlawful Internet Gambling Enforcement Act (UIGEA). UIGEA regulations currently 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. H.R. 2267, which was introduced last year by Frank, would give the U.S. Treasury the authority to license internet gambling operators to accept bets and wagers from U.S. citizens and to create regulations for those gambling operators. Frank's legislation currently has 69 co-sponsors. Williams said that while he supports H.R. 2267, regulators and legislators should strengthen the safe harbor rules contained in the current UIGEA rules. Legislation related to housing, medical debt relief, shareholder protection, and bonds will also be discussed by the committee.


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