WASHINGTON — CUNA has written the U.S. Treasury and the Federal Reserve asking that the agencies hold off on new regulations meant to enforce a law against banking over the internet.
CUNA letter joined one from NAFCU which also asked for a moratorium on the new regulations on the grounds that CUs are ill suited to take up what are essentially police functions at the same time they are trying to serve their members.
“It is not clear how institutions will be able to meet their compliance requirements to identify and block transactions that fund illegal gambling activities when there is no mechanism under consideration that would allow them to verify when a payment transaction is intended for that purpose,” CUNA wrote in its Dec. 13 letter.
CUNA pointed out that one way of approaching the problem, government providing a list of unlawful Internet gambling businesses, was precluded in the regulatory. “The supplementary information discussing the proposal goes to great lengths to explain why such a list should not be provided by the government,” CUNA noted.
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
