Thank you for sharing!

Your article was successfully shared with the contacts you provided.

WASHINGTON — The Treasury Department and Federal Reserve should be told to put a hold on their pending regulations seeking to control Internet banking and the full House Financial Committee should look more closely into the regulatory burdens imposed by the Bank Secrecy Act, according to a Dec. 10 letter CUNA sent Congressman Barney Frank (D-Mass.), chairman of the House Financial Services Committee.

“The enforcement of prohibitions on unlawful Internet gambling is a laudatory goal, and we support reasonable efforts to protect consumers from falling prey to unscrupulous unlawful gaming activities through the Internet,” CUNA wrote. “However, our members are concerned that implementation of the new law will place unforeseen regulatory burdens on financial institutions, as evidenced by the pending proposal from the U.S. Department of Treasury and the Federal Reserve Board that is open for comments through Dec. 12, 2007. We urge you to step in now to direct a moratorium on the implementation of the pending proposal, until a more reasonable approach can be considered by Congress and the regulators.”

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?


Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.