PayPal Returning to Internet Gambli

[BingoT]

PayPal Returning to Internet Gambling
News Now : July 21, 2010 : Washington

CUNA to testify UIGEA remains 'unreasonable' burden

WASHINGTON (7/21/10)--Discovery FCU President/CEO Ed Williams later today will discuss the "inappropriate and unreasonable compliance burden" that the Unlawful Internet Gambling Enforcement Act (UIGEA) imposes on credit unions during a House Financial Services Committee hearing on H.R. 2267, the Internet Gambling Regulation, Consumer Protection and Enforcement Act. Williams is testifying on behalf of the Credit Union National Association (CUNA), and is the only finance industry representative that will speak during the hearing.

UIGEA regulations currently require credit unions and other financial institutions to establish and implement policies and procedures to identify and block restricted internet gambling transactions, or rely on those procedures established by the payments system.

Williams, who's Reading, Pa.-based credit union currently holds $130 million in assets from 10,500 members, will tell lawmakers that it is "unreasonable to assign the liability for policing internet gambling activity to depository institutions, many of which are small, without giving them the means necessary to determine which transactions are illegal

http://www.cuna.org/newsnow/10/wash072010-4.html

[Westland Bowl]

Thanks for the story, BingoT, but how is this related to PayPal?

[BingoT]

Thanks for the story, BingoT, but how is this related to PayPal?

Sorry about that I just saw the heading at CAPs
casinoaffiliateprograms....et-gambling.php

[pokeraddict]

Paypal has been involved in non US gambling for years. Several major UK brands use them.

[felicie]

Maybe switching over to a credit union would be smart if they really don't know how or want to 'police' the people that keep them in business.