4 ms·
This Washington Post article describes the situation in more detail... http://www.washingtonpost.com/blogs/wonkblog/wp/2014/04/16/operation-choke-point-the-bat
by 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 agoThanks 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...