It’s been well documented that “Operation Choke Point” is targeting a multitude of legitimate businesses including gun shops, porn stars, vitamins, and small dollar credit. A new House of Representatives report has revealed even more.
“Contrary to the Department’s public statements, Operation Choke Point was primarily focused on the payday lending industry. Internal memoranda and communications demonstrate that Operation Choke Point was focused on short-term lending, and online lending in particular. Senior officials expressed their belief that its elimination would be a “significant accomplishment” for consumers.”
The Department of Justice’s “Operation Choke Point”: Illegally Choking Off Legitimate Businesses?
Staff Report
113th Congress
May 29, 2014
$3-5 MILLION CAMPAIGN TO COMBAT ‘OPERATION CHOKE POINT’
“The United States Consumer Coalition (USCC) is preparing to launch a $3- 5 million campaign to fight the Obama administration’s “Operation Choke Point,” a joint Justice Department, FDIC, and Treasury initiative that targets third-party payment processors who are considered “high-risk merchants,” including payday lenders.”Continue Reading..
“In an exclusive interview with Breitbart News on Monday, Richard Manning, Director of Communications for Americans for Limited Government, criticized the Obama administration’s efforts to destroy the payday loan industry. “Their intent,” Manning said, “is to create a government sanctioned means of driving private industry out of the business of providing payday loans. They’ve never shown a great willingness to be restrained by free market principles over the use of government sanctions.”
In an August 22 editorial, the Washington Times became the first media outlet to alert the public to this isssue. “President Obama,” the Times wrote,” doesn’t like payday lenders, and neither, particularly, do we. But rather than seek changes by legislation or an open rule-making process to propose reform, the White House simply cracked down on payday lending.”
Operation Choke Point continues to create controversy. Legitimate businesses are being attacked by the Obama administration. Having experienced difficulty in shutting down small dollar credit lenders directly, the administration is targeting vendors and processors who “enable” lenders to serve their customers.
By Alan Zibel and Andrew R. Johnson
The U.S. Department of Justice has opened at least 10 civil and criminal investigations into whether banks and payment processing firms helped enable fraudulent activity, according to an internal Justice Department memo viewed by The Wall Street Journal.
More than 850 pages of internal documents on the DOJ’s probe of alleged fraud in the financial industry were obtained by the House Oversight and Government Reform Committee.
The panel has been conducting an inquiry into the federal probe known as “Operation Choke Point,” which is aimed at reducing the ability of fraudulent businesses to operate by going after financial firms–like banks and payment processors–that help move their money.
The memos viewed by the Journal detail last year’s launch of the sweeping probe, which resulted in the government issuing subpoenas to about 50 banks and six payment processing firms, according to a November 2013 memo by DOJ official Maame Ewusi-Mensah Frimpong.
Ms. Frimpong, in her memo, wrote that the government had the opened civil investigations into 10 banks and payment processors and was in settlement talks with three of them.
The DOJ has also opened criminal investigations of four payment-processing firms as well as one criminal investigation of a bank “and responsible bank officials.”
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You know the PDL industry has been “on the ropes.” Dollar delivery systems have been under heavy attack. President Obama launched “Operation Choke Point” and multiple AG’s have squeezed lenders hard. BUT, President Trump is in charge now 🙂 Everything in the payday loan industry is improving daily. Even the publicly traded payday loan’installment and signature loan companies are performing MUCH better and recording huge increases in transaction volume and profitability. The CFPB is crashing and burning!
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Trihouse has solutions available; each focusing on your specific need as an MSB, PDL or title loan lender. As you know, Operation Choke Point, “bank discontinuance” and state/tribe licensing are all factors determining the most suitable banker, ACH provider and alternatives. Your rates, fees, rolling reserves, etc. are dependent on your business’s specific situation.
Invest 30 seconds of your time here and we’ll provide you with a direct line to our financial solutions provider. To arrange a private, DISCRETE introduction to our “solutions” go here: Private Request for Intro.
This will enable your Team to discuss your unique, individual needs directly with our processors. Note: The longer your Team waits to find out more, the closer you’ll be to the bottom of the stack of applications. This isn’t B.S. You already know bankers, ACH processors and state lending license issuers are BURIED!