From the December-16, 2009 issue of Credit Union Times Magazine • Subscribe!
Feds Delay Compliance Date on Internet Gambling Law
Credit unions received a temporary reprieve when the Treasury Department and Federal Reserve delayed to next June 1 the compliance deadline for the regulations aimed at banning Internet gambling.
The bill, and the regulations that implemented it, ban transfers of money from financial institutions to gambling sites, but credit unions and banks complained that they would have to implement costly procedures to block restricted transactions.
The law, which Congress passed in 2006, took effect on Dec. 1.
CUNA and NAFCU praised the decision to postpone the compliance deadline but said credit unions should continue to make plans to comply with the law.
But House Financial Services Committee Chairman Barney Frank (D-Mass.) has introduced a measure that would repeal the law. It would allow Internet gambling companies to accept bets if they are licensed by the Treasury and maintain protections against fraud and underage gambling.
He praised the decision by the Fed and Treasury Department and said it would give lawmakers "a chance to act in an unhurried manner on my legislation to undo this regulatory excess by the Bush administration and to undo this ill-advised law."
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