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Credit
Unions
Ask
for
Postponement
December
30,
2007
The
Credit
Union
National
Association,
CUNA,
has
asked
for
a
postponement
of
the
implementation
of
regulations
stemming
from
the
Unlawful
Internet
Gambling
Enforcement
Act,
UIGEA.
The
new
regulations
are
an
attempt
by
the
US
government
to
put
into
place
specific
regulations
as
they
pertain
to
financial
transactions
regarding
online
gambling.
They
asked
the
US
Department
of
Treasury
and
the
Federal
Reserve
to
give
them
time
to
comply
as
there
are
a
number
of
concerns
that
they
have
with
the
new
regulations.
They
say
that
they
don’t
know
how
they
will
be
able
to
meet
the
requirements
that
have
been
set
forth
by
the
government
on
blocking
illegal
online
gambling
transactions.
They
say
that
there
are
practical
concerns
that
they
have
that
warrant
a
postponing
of
the
online
gambling
regulations.
CUNA
said
that
they
appreciated
the
amount
of
work
that
went
into
compiling
the
regulations,
but
that
they
are
not
equipped
to
take
on
the
functions
that
they
are
asking
them
to
do.
They
say
that
regulating
online
gambling
in
the
way
that
they
are
asking
is
to
ask
them
to
serve
as
police
and
they
cannot
take
that
on.
They
said
that
with
over
90%
of
American’s
credit
unions
belonging
to
the
CUNA
they
are
aware
that
none
of
them
are
able
to
comply
at
this
time.
It
isn’t
that
they
don’t
want
to
help
in
the
fight
against
online
gambling,
they
just
aren’t
able
to.
They
say
that
they
don’t
even
have
a
list
of
the
illegal
online
gambling
businesses
because
the
government
will
not
provide
them
with
one.
They
want
to
know
how
they
are
supposed
to
block
illegal
online
gambling
transactions
if
they
don’t
know
what
they
are.
There
are
some
online
gambling
transactions
that
are
legal,
and
they
would
need
to
know
what
they
were
or
they
would
end
up
blocking
all
online
gambling.
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