Notice to all Commercial Members
In 2006, Congress passed the Unlawful Internet Gambling Enforcement Act (UIGEA), which prohibits anyone in the business of betting and wagering (as defined by the act) from knowingly accepting payments in connection with unlawful Internet Gambling, including payments made through credit cards, electronic funds transfers, and checks. The Department of Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act. Banks and Credit Unions are required to comply with the Act beginning June 1, 2010.
The Department of Treasury and the Federal Reserve Board require all financial institutions to notify our business members of this regulation. In accordance with the requirements of the Unlawful Internet Gambling Enforcement Act of 2006 and Regulation GG, we are required to inform you that restricted transactions as described above are prohibited through any 1st Northern California Credit Union account or relationship. Restricted Transactions are transactions in which a person accepts credit, funds, instruments or other proceeds from another person in connection with unlawful Internet gambling.
Please feel free to contact us to report suspected restricted transaction or regarding questions about this or other disclosures.