Missouri US Rep. Calls for Investigation over “Operation Choke Point” – Bestware Inc.
U.S. Rep. Blaine Luetkemeyer, R-Mo., is calling on federal agencies to investigate “Operation Choke Point.” Beginning in 2013,the federal government used Operation Choke Point to refuse banking services to certain industries the government deemed to have “reputational risk.” Many payday loan or short term loan companies have found it difficult to maintain a banking relationship even though they have not broken any laws because of Operation Choke Point. The Department of Justice initiative officially ended in August of 2017.
Rep. Blaine Luetkemeyer has sponsored legislation in H.R. 2706, Financial Institution Customer Protection Act. The Act requires banks/credit unions to provide written justification if a financial relationship is terminated. It has passed in the House with bi-partisan support (395-2) and is waiting for consideration in the Senate.
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