CUNA Calls For Delay In Implementing Online Gambling Proposals

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WASHINGTON - CUNA last week called for a moratorium on implementation of certain provisions of the Unlawful Internet Gambling Enforcement Act of 2006. In a letter to House Financial Services Committee Chairman Barney Frank (D-MA), CUNA President Dan Mica said the trade group has concerns over the pending implementation plan issued by the Treasury Department and Federal Reserve Board. While saying it supports the law’s intent on cracking down on illegal online gambling, Mica wrote that credit unions are also concerned over “unforeseen regulatory burdens” on credit unions and other financial institutions.

“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,” Mica said in the letter.

Separately, Mica told Frank that a full committee hearing addressing “continuing issues” related to the Bank Secrecy Act (BSA) would be “extremely beneficial” and should examine 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. (c) 2007 The Credit Union Journal and SourceMedia, Inc. All Rights Reserved.

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