Posts Tagged fdic

FDIC Backtracking on Targeting of “Risky” Gun Businesses

From The Daily Signal:

The Federal Deposit Insurance Corp. has acknowledged its role in Operation Choke Point and is taking dramatic steps to reverse its policies in targeting legal and legitimate industries that are disfavored by the Obama administration.

From The Washington Times:

In an effort to put an end to Operation Choke Point — a financial task force that was created by the Obama administration to “choke out” businesses it finds objectionable like gun shops — the Federal Deposit Insurance Corp. issued a letter Wednesday saying all banks should examine their customer relationships on a case-by-case basis and not by industry operational risk.

“The FDIC is issuing this statement to encourage institutions to take a risk-based approach in assessing individual customer relationships rather than declining to provide banking services to entire categories of customers,” the FDIC said in a letter to its financial institutions released Wednesday.

, , , , , , ,

No Comments

Justice Department Using FDIC To Hurt Gun Retailers

From The Washington Times:

Since 2011, regulators have increased scrutiny on banks’ customers. The Federal Deposit Insurance Corp. in 2011 urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions. The FDIC listed gun retailers as “high risk” along with porn stores and drug paraphernalia shops.

, , , , , ,

No Comments