PA Bill Number: SB945
Title: Consolidating the act of August 9, 1955 (P.L.323, No.130), known as The County Code; and making repeals.
Description: Consolidating the act of August 9, 1955 (P.L.323, No.130), known as The County Code; and making repeals. ...
Last Action: Third consideration and final passage (199-0)
Last Action Date: Apr 17, 2024
Gun Dealer Financial Attack - 'Operation Choke Point' - Stopped :: 07/28/2014
Victory against Operation Choke Point: Gun retailers are no longer on a hit list deemed "high risk" by the Federal Deposit Insurance Corp. after the banking regulator formally withdrew Monday the list it put together that outlined what merchants may be considered risky for banks to do business with as part of the Obama administration's "Operation Choke Point."
The agency said its explanatory warning list "led to misunderstandings" about how it's supervising banks' ties to third-party payment providers, according to Bloomberg News. The regulator said it never meant to prevent banks from doing financial transactions with the types of businesses on the list.
Richard Osterman, the agency's acting general counsel, admitted to the American Banker newspaper Monday that the list had been "misinterpreted" by financial institutions... "If you empower the government to pick winners and losers within lawful enterprises, then there's no place to stop," Mr. Issa said this month in an appearance at the libertarian Cato Institute... "Those that are operating with the appropriate systems and controls will not be criticized for providing payment-processing services to businesses operating in compliance with applicable law," the FDIC said in its updated industry guidelines, issued Monday...
http://www.washingtontimes.com/news/2014/jul/28/gun-retailers-payday-lenders-out-of-choke-points-c/
