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Operation Choke Point was an initiative of the United States Department of Justice beginning in 2013 [1] which investigated banks in the United States and the business they did with firearm dealers, payday lenders, and other companies that, while operating legally, were said to be at a high risk for fraud and money laundering.
[1] [9] He served as chairman of the FDIC from November 28, 2012 to June 5, 2018. During this period, Operation Choke Point took place. The FDIC and Department of Justice settled multiple lawsuits related to Operation Choke Point for the pressuring of banks to shut down the accounts of legal industries accessing banking services. [10]
Those of us in the crypto industry have likened the recent crackdown to Operation Choke Point, the Obama-era program aiming to marginalize certain industries through FDIC guidance to banks. This ...
He referred to it as "Operation Choke Point 2.0." (Operation Choke Point was a program during the Obama administration designed to root out bank accounts tied to consumer fraud — a program that ...
The FDIC is one of several banking system regulators. The Great Depression-era agency is best known for running the nation’s deposit insurance program, which insures Americans’ deposits up to ...
The lawsuit subsequently unsealed more than 900 pages of emails and depositions demonstrating that government officials, including senior FDIC officials, targeted legal businesses including small-dollar lenders through Operation Choke Point. [17] The parties reached a settlement on May 22, 2019. [18]
De-banking, more commonly spelled debanking, also known within the banking industry as de-risking, is the closure of people's or organizations' bank accounts by banks that perceive the account holders to pose a financial, legal, regulatory, or reputational risk to the bank.
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