CUNA seeks suspension of UIGEA

(PRESS RELEASE) – CUNA (Credit Union National Association) has urged the chairman of the House Financial Services Committee to look into two areas of potential and growing regulatory burden for credit unions: New rules on Internet gambling, and Bank Secrecy Act (BSA) requirements.

Specifically, CUNA asked Rep. Barney Frank, D-Mass. and chairman of the committee, to consider a moratorium on implementation of pending Internet gambling regulations, now being developed by the Treasury Department and Federal Reserve. Regarding BSA, CUNA suggested the full committee look at the scope of BSA requirements, as well as enforcement inconsistencies.

"The growing burden credit unions must bear is increasingly diverting them from meeting their primary objective of serving their members," CUNA wrote.