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PartyT
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 Posted - 07/27/2010 : 03:24:00 AM
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News Now : July 21, 2010 : Washington
CUNA to testify UIGEA remains 'unreasonable' burden
WASHINGTON (7/21/10)--Discovery FCU President/CEO Ed Williams later today will discuss the "inappropriate and unreasonable compliance burden" that the Unlawful Internet Gambling Enforcement Act (UIGEA) imposes on credit unions during a House Financial Services Committee hearing on H.R. 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act. Williams is testifying on behalf of the Credit Union National Association (CUNA), and is the only finance industry representative that will speak during the hearing.
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.
Williams, who's Reading, Pa.-based credit union currently holds $130 million in assets from 10,500 members, will tell lawmakers that it is "unreasonable to assign the liability for policing internet gambling activity to depository institutions, many of which are small, without giving them the means necessary to determine which transactions are illegal
http://www.cuna.org/newsnow/10/wash072010-4.html |
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