NAFCU Urges Delay of Internet Gambling Regs
11/10/09 - National Association of Federal Credit Unions - View Source
NAFCU President Fred Becker on Monday urged Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke to delay implementation of illegal Internet gambling regulations for one year.
Legislation to implement such a delay has already been offered by House Financial Services Chairman Barney Frank, D-Mass., who was joined by 18 other lawmakers in a similar request to Treasury and the Fed Oct. 5.
Frank said the law poses “an unreasonable burden” on regulators as well as financial institutions at a time of economic crisis. Frank said it does not reflect the intent of the committee.
NAFCU opposed the underlying statute, the Unlawful Internet Gambling Enforcement Act, which was enacted three years ago.
Becker, in Monday's letter, reiterated the association's concerns, noting that the requirements raise “potentially serious problems with the existing electronic payments system.” He said they effectively deputize credit unions and other financial institutions to guard against financial crimes.