Operation Choke Point finally getting exposed as illegal

Daily CallerCourt documents released last Friday showed evidence the Obama administration’s now-defunct operation known as Operation Choke Point had top government officials struggling to find the legal basis to persuade banks to terminate their relationships with businesses that had not committed any crimes.

The never-before-seen document release happened as a result of a summary judgment from a lawsuit filed more than four years ago spearheaded by payday lender Advance America and other industry allies against the Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC) and other federal regulators.

The effort was known as Operation Choke Point, where Obama administration regulators tried to limit access to banking services for businesses it considered “high-risk,” like payday lenders. Emails show that FDIC administration officials struggled to figure out how to explain to banks why their institutions should be terminating their relationships with businesses that have not committed any fraud or other illegal activities.

This same "Choke Point" operation was also deployed against firearms businesses, and regulators of the financial industry in New York State (and possibly other anti-gun jurisdictions) are pressuring companies they have authority over to stop providing financial services (and sometimes even other services, such as YouTube banning firearms videos) to firearms companies.

Sat Oct 20 03:05:49 CDT 2018 by TriggerFinger. Comments [Tweet]

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