Federal Regulators’ Role in Operation Choke Point, Uncover Evidence of FDIC Pres

quote:

---

House Oversight and Government Reform Committee Chairman Darrell Issa, R-Calif., and Economic Growth, Job Creation and Regulatory Affairs Subcommittee Chairman Jim Jordan, R-Ohio yesterday requested information from Federal Reserve Chair Janet Yellen and Comptroller of the Currency Thomas Curry on the involvement by federal banking regulators in the multiple federal agency initiative known as “Operation Choke Point.” In Operation Choke Point, the Administration encouraged banks to terminate the accounts of legal businesses that they considered objectionable. While the administration has denied that it pressured banks to cease relationships with specific legal industries, the Committee found evidence that the FDIC encourage a target bank to terminate all relationships with payday lenders.

---