4 ms·

It's the US government forcing them to do this. how will shaming the bank change the fact that they are probably obligated to do what the government tells them

by pmorici 13y ago

It's the US government forcing them to do this. how will shaming the bank change the fact that they are probably obligated to do what the government tells them to?

ChuckMcM 13y ago
I don't see anywhere that this was done at the behest of the government. While the government has shut down accounts in all banks involved in criminal activities, adult entertainment is not a criminal activity. And the article it is only Chase bank, not all banks. Do you have additional information that the EFF hasn't included? I'd love a reference to that. There is some more complex issues in the Bay area with cannibis retailers since it is "legal" by state law and "illegal" by federal law to sell pot. That puts the banks in a tricky place. So far though they have not pulled accounts for licensed dispensaries.
- pmorici 13y ago
  This Washington Post article describes the situation in more detail... http://www.washingtonpost.com/blogs/wonkblog/wp/2014/04/16/operation-choke-point-the-battle-over-financial-data-between-the-government-and-banks/ http://www.washingtonpost.com/blogs/wonkblog/wp/2014/04/16/o... Essentially the government is threatening legal action against the banks unless they shut accounts down of businesses and individuals associated with those businesses that the government doesn't like. Chase is the biggest bank out there so it isn't surprising that the government probably targeted them fist and they also have the largest number of potential jilted customers to complain. Even though we are only hearing about 2 or 3 cases here there are certainly many more who aren't making a stink in the media. Also: http://www.theguardian.com/money/2014/mar/23/operation-choke-point-payday-lenders-issa-banks http://www.theguardian.com/money/2014/mar/23/operation-choke...
  - ChuckMcM 13y ago
    Thanks for the link. I'm surprised the EFF wasn't actually specifically calling out OCP rather than the specific instance of one industry at one bank. Interesting article on the troubles in Colorado for 'scorned' businesses trying to get banking services. [1] [1] http://www.banklawyersblog.com/3_bank_lawyers/2014/04/the-marijuana-banking-conundrum-in-colorado-may-be-driving-banks-to-distraction-but-its-opening-up-the-funding-business-to.html http://www.banklawyersblog.com/3_bank_lawyers/2014/04/the-ma...

by pmorici 13y ago

It's the US government forcing them to do this. how will shaming the bank change the fact that they are probably obligated to do what the government tells them to?

ChuckMcM 13y ago

I don't see anywhere that this was done at the behest of the government. While the government has shut down accounts in all banks involved in criminal activities, adult entertainment is not a criminal activity. And the article it is only Chase bank, not all banks. Do you have additional information that the EFF hasn't included? I'd love a reference to that. There is some more complex issues in the Bay area with cannibis retailers since it is "legal" by state law and "illegal" by federal law to sell pot. That puts the banks in a tricky place. So far though they have not pulled accounts for licensed dispensaries.

pmorici 13y ago
This Washington Post article describes the situation in more detail... http://www.washingtonpost.com/blogs/wonkblog/wp/2014/04/16/operation-choke-point-the-battle-over-financial-data-between-the-government-and-banks/ http://www.washingtonpost.com/blogs/wonkblog/wp/2014/04/16/o... Essentially the government is threatening legal action against the banks unless they shut accounts down of businesses and individuals associated with those businesses that the government doesn't like. Chase is the biggest bank out there so it isn't surprising that the government probably targeted them fist and they also have the largest number of potential jilted customers to complain. Even though we are only hearing about 2 or 3 cases here there are certainly many more who aren't making a stink in the media. Also: http://www.theguardian.com/money/2014/mar/23/operation-choke-point-payday-lenders-issa-banks http://www.theguardian.com/money/2014/mar/23/operation-choke...
- ChuckMcM 13y ago
  Thanks for the link. I'm surprised the EFF wasn't actually specifically calling out OCP rather than the specific instance of one industry at one bank. Interesting article on the troubles in Colorado for 'scorned' businesses trying to get banking services. [1] [1] http://www.banklawyersblog.com/3_bank_lawyers/2014/04/the-marijuana-banking-conundrum-in-colorado-may-be-driving-banks-to-distraction-but-its-opening-up-the-funding-business-to.html http://www.banklawyersblog.com/3_bank_lawyers/2014/04/the-ma...