CUNA Stands Up - Online Casino Style

11/03/2008		CUNA Stands Up
Home History Games News Dictionary		Americans, despite the domestic ban on online gambling, are able to do so through the loophole that permits US citizens to gamble on overseas sites. One of the major stipulations of the ban is the specific prohibition of funds transfer between financials and online gambling sites. In order to enforce the ban, the Unlawful Internet Gambling Enforcement has elicited assistance of the U.S. Treasury and the Federal Reserve. With banks already under control and in cooperation with UIGEA, the lawmakers are now turning to find if CUNA, the Credit Union National Association, which supports credit unions in the same way that the FDIC supports and insures banks. If this measure were to succeed, there would be additional restrictions placed that would further prohibit access to online gambling sites and internet casinos. Unfortunately for the UIGEA, it doesn’t seem as if the Credit Union community will be jumping on board too quickly, or without due consideration. Quite the opposite: it seems CUNA’s position is closer to Congressman Barney Frank’s and his act to regulate gambling rather than outlaw it. Credit Unions are not-for-profit entities, and therefore are controlled less stringently by the government, and enjoy non-profit perks such as minimal taxes. CUNA represents nearly all (90%) of credit unions, their insurance and representation needs. Their response letter to the proposal included the implication that asking for credit unions’ participation was “unrealistic.” They stated that because of the differences in systems and communication between the governing agencies and credit unions, actively preventing transactions of the required sort was virtually impossible, stating that it was a duty of the Financial Crimes Enforcement Network, and not of the credit unions’. With that said, the response continued to make recommendations of its own to the UIGEA: suggesting that current legislation of the online gambling ban has brought on a great number of problems and counseling the lawmakers to find solutions to issues that does not result in unnecessary hardships on the financial sector. The statement cited the House Resolution 2046, aka the Internet Gambling Regulation Enforcement Act, as a viable possibility. Until sites are forced to regulate approved sites, CUNA says they would be unable to to distinguish by themselves which sites were to be blocked, and which [overseas] sites to allow transactions between.

11/03/2008

CUNA Stands Up

Americans, despite the domestic ban on online gambling, are able to do so through the loophole that permits US citizens to gamble on overseas sites. One of the major stipulations of the ban is the specific prohibition of funds transfer between financials and online gambling sites. In order to enforce the ban, the Unlawful Internet Gambling Enforcement has elicited assistance of the U.S. Treasury and the Federal Reserve. With banks already under control and in cooperation with UIGEA, the lawmakers are now turning to find if CUNA, the Credit Union National Association, which supports credit unions in the same way that the FDIC supports and insures banks.

If this measure were to succeed, there would be additional restrictions placed that would further prohibit access to online gambling sites and internet casinos. Unfortunately for the UIGEA, it doesn’t seem as if the Credit Union community will be jumping on board too quickly, or without due consideration. Quite the opposite: it seems CUNA’s position is closer to Congressman Barney Frank’s and his act to regulate gambling rather than outlaw it.

Credit Unions are not-for-profit entities, and therefore are controlled less stringently by the government, and enjoy non-profit perks such as minimal taxes. CUNA represents nearly all (90%) of credit unions, their insurance and representation needs. Their response letter to the proposal included the implication that asking for credit unions’ participation was “unrealistic.” They stated that because of the differences in systems and communication between the governing agencies and credit unions, actively preventing transactions of the required sort was virtually impossible, stating that it was a duty of the Financial Crimes Enforcement Network, and not of the credit unions’. With that said, the response continued to make recommendations of its own to the UIGEA: suggesting that current legislation of the online gambling ban has brought on a great number of problems and counseling the lawmakers to find solutions to issues that does not result in unnecessary hardships on the financial sector. The statement cited the House Resolution 2046, aka the Internet Gambling Regulation Enforcement Act, as a viable possibility. Until sites are forced to regulate approved sites, CUNA says they would be unable to to distinguish by themselves which sites were to be blocked, and which [overseas] sites to allow transactions between.