BUSINESS

America’s credit unions turning cartwheels at thought of legal online gambling

TAGs: credit unions, hr2267

Credit-Unions-Turning-CartwheelsIf there’s anyone more excited by the possibility that the House Financial Services Commmittee’s approval of Barney Frank’s internet gambling bill may eventually lead to legal online wagering in the U.S., it’s America’s financial institutions. After all, it would relieve them of much of the onerous burden of policing the web that the UIGEA regs unfairly tasked them with back in 2006. This heavy compliance burden would have been particularly hard on smaller banking insitutions — similar to the types of credit unions run by the likes of Jimmy Stewart’s character in It’s A Wonderful Life — and hey, what patriotic American could be mean to George Fucking Bailey? Read more.

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