NAFCU has told the House Financial Services Committee that it supports HR 2267, the
Internet Gambling Regulation, Consumer Protection, and Enforcement Act.
In a July 20 letter to Committee Chairman Barney Frank (D-Mass.) and Ranking Member Spencer Bachus (R-Ala.), the association told the committee the act would offer less of a regulatory burden for credit unions.
"NAFCU continues to be concerned with the effect that implementation of the Unlawful Internet Gambling Enforcement Act, passed in 2006, has on our nation's credit unions," NAFCU wrote. "UIGEA relies on credit unions and other financial institutions to serve as a backstop for guarding against financial crimes, thereby imposing a heavy new compliance burden on these entities."
"NAFCU does, however, support reasonable and prudent actions to rein in unlawful internet gambling. H.R. 2267, the Internet Gambling Regulation, Consumer Protection, and Enforcement Act, would make important changes to the UIGEA to ensure that financial services providers are not unduly burdened with the cost of enforcement efforts against unlawful gambling activity. It is with this in mind that we support the efforts of H.R. 2267 and the needed changes to UIGEA it would bring. We urge swift committee action on this important legislation."
Ed Williams, CEO of the Discovery Federal Credit Union, will testify at a hearing today representing CUNA.