Choke Point

News & Analysis as of

BNA INSIGHTS: Enforcement Actions Decline But Fines Hit Historic Highs in 2014

During 2014, the number of enforcement actions brought by federal banking agencies1 continued a downward trend that began in 2011. Federal banking agencies issued 661 formal enforcement actions, representing more than a 55...more

Bitcoin and Bullets: An Unexpected Alliance

At first blush, one might not expect the digital currency and firearm industries to have much in common – when was the last time you heard someone utter Bitcoin and guns in the same breath? Recently, however, the two...more

Financial Services Weekly News Roundup - May 2015 #4

CFPB Fines Bank $7.5M for Overdraft Violations, With $49M More in Redress - Why it matters: In its first action targeting overdraft fees, the Consumer Financial Protection Bureau (CFPB) fined Regions Bank $7.5...more

House Republicans ask CFPB and banking agencies to disclaim “Operation Choke Point”

Six Republican members of the House Financial Services Committee, including Chairman Jeb Hensarling, have sent identical letters to the CFPB, OCC, Fed and NCUA asking each agency to “publicly disclaim [its] past, present, and...more

Why the CFPB’s new lawsuit resembles “Operation Choke Point”

Yesterday, the CFPB announced that it had filed a lawsuit against “the ringleaders of a robo-call phantom debt collection operation, their companies, and their service providers.” This is the same lawsuit filed in federal...more

Operation Chokepoint Yields Deals With Two California Banks

Why it matters - A pair of settlements between the Department of Justice (DOJ) and two California banks recently demonstrated that Operation Chokepoint is alive and well. CommerceWest Bank agreed to pay $4.9 million to...more

DOJ Announces Two More ‘Operation Choke Point’ Settlements

With the recent announcement by the U.S. Department of Justice (DOJ) that it had settled separate lawsuits against two small banks charged with facilitating consumer fraud through their relationships with third-party payment...more

Corporate Investigations & White Collar Defense - March 2015

The SEC’s Settlement with Goodyear: A Cautionary Tale - Why it matters: In a settlement announced on February 24, 2015, the SEC found Goodyear to be in violation of the FCPA in connection with bribes paid by two...more

House Financial Services Committee approves oversight plan; Committee chair gets new subpoena authority

The House Financial Services Committee voted unanimously today to approve the Committee’s oversight plan for the 114th Congress. The plan provides that the Committee intends to continue its close examination of the...more

Operation Choke Point

As part of a coordinated, multi-agency initiative known as “Operation Choke Point,” the Federal Deposit Insurance Corporation (FDIC) has warned financial institutions that they might be liable for maintaining banking...more

CFPB Director Cordray Issues Warning to Bankers

Director Cordray’s remarks to the Clearing House Thursday should unsettle bankers and payday lenders alike. In his talk, Director Cordray challenged bankers to bow to the inevitable. He suggested that sooner, rather than...more

CFSA Presses Its Case against ‘Operation Choke Point’

The Community Financial Services Association of America (CFSA), the national trade association for the payday lending industry, has filed a memorandum in support of its previously filed lawsuit against the agencies it accuses...more

FinCrimes Update - July 2014 Summary, Volumn 1, Issue 5

FINCEN PROPOSES CUSTOMER DUE DILIGENCE RULE - On July 30, FinCEN released a proposed rule that would amend BSA regulations to clarify and add customer due diligence (CDD) obligations for banks and other financial...more

FDIC Withdraws List of ‘Risky’ Businesses

In an unexpected move earlier this week, the FDIC issued a Financial Institution Letter (FIL) announcing that it was withdrawing the list of “risky” merchant categories that was included in prior guidance on account...more

Heard At The Country Music Hall Of Fame: CFPB Director Performs In Nashville

Among the displays offering tribute to Reba and The Man in Black, Richard Cordray and some of his fans at the CFPB held a public hearing at the Country Music Hall of Fame in Nashville on March 25, 2014. Rather than the...more

Holder Vows To Continue Operation Choke Point; House Considers Bill To Stop It

Depending on whom you ask, Operation Choke Point has a promising future ahead of it – or will soon be history. The controversial initiative by the Department of Justice (DOJ) is intended to limit certain lenders and...more

House to hold hearings on “Operation Choke Point”

Two House committees have scheduled hearings this week on “Operation Choke Point,” the coordinated federal multiagency enforcement initiative targeting banks serving online payday lenders and other companies that have raised...more

Banking & Financial Services E-Note

In This Issue: - 70 Countries Agree to Share Bank Information in Tax Evasion Probe - Financial Industry Pushes Back Against Proposed ERISA Requirements - Federal Reserve Proposes Tougher Stress Tests for...more

Attorney General Vows To Continue Operation Choke Point

On June 23, the DOJ released a transcript of a message delivered by Attorney General Eric Holder in which he pledged to continue investigations of financial institutions “that knowingly facilitate consumer scams, or that...more

Digital Commerce & Payments Update

In this Issue: - Insights & Trends ..The Future of Regulation in the Digital Economy - Virtual Currency ..GAO Urges CFPB Participation In Virtual Currency Working Groups ..Trade Group White Paper...more

Payday Lenders Sue Government Over Operation Choke Point

On June 5, the Community Financial Services Association and one of its short-term, small dollar lender members filed a lawsuit in the U.S. District Court for the District of Columbia claiming the FDIC, the OCC, and the...more

CFPB to issue whitepaper on methodology for identifying auto finance discrimination and consider use of advisory opinions

While Director Cordray’s appearance at the House Financial Services Committee’s hearing on the CFPB’s fifth Semi-Annual Report yesterday was accompanied by the usual dose of political theater, his testimony did yield the...more

House Oversight Committee Choke Point Inquiry Shifts To FDIC

On June 9, Darrell Issa (R-CA), Chairman of the House Oversight Committee, and Jim Jordan (R-OH), an Oversight subcommittee chairman, sent a letter to FDIC Chairman Martin Gruenberg that seeks information regarding the FDIC’s...more

‘Operation Choke Point’ under Fire

"Operation Choke Point," the coordinated multiagency federal effort to choke off banking services to alleged fraudsters (according to its defenders) or politically unpopular industries (according to its detractors), has come...more

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