Legislation to End Operation Choke Point Expected for Markup After August Recess
7/11/2017 8:33:00 PM
U.S. Rep. Blaine Luetkemeyer’s legislation to end troublesome program that created problems for certain lawful financial service companies poised to make news again.
U.S. Rep. Blaine Luetkemeyer’s, R-Mo., legislation to end Operation Choke Point is expected to resurface after the August recess.
Luetkemeyer reintroduced H.R. 2706, the Financial Institution Consumer Protection Act, in the 115th Congress.
The Daily Caller reports that Luetkemeyer expects a hearing on the legislation with the House Judiciary Committee and markup when Congress returns after the August recess.
In a 250-169 bipartisan vote held in February 2016, the U.S. House of Representatives passed the Financial Institution Customer Protection Act, which would end Operation Choke Point. The bill, which ACA International supported, prohibits federal regulators from directly or indirectly coercing banks to terminate relationships with legitimate business entities “unless the regulator has material reason,” ACA previously reported.
Operation Choke Point is a program in which the Federal Deposit Insurance Corporation and Department of Justice reportedly applied pressure to financial institutions in order to cut off financial services to certain licensed, legally operating industries, including debt collection.
In April 2015, ACA International’s Board of Directors unanimously voted to support legislation and policy changes that would bring an end to Operation Choke Point.
ACA International will continue to follow the status of the legislation and keep ACA members apprised of developments.
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