News & Analysis as of

Operation Choke Point

Davis Wright Tremaine LLP

"Operation Chokepoint 2.0": De-banking policies and the adverse use of reputational risk in bank supervision

As we have previously noted, we expect that the second Trump Administration will be significantly more favorable to crypto than the Biden Administration, especially with the recent appointment of David Sacks as the...more

Hinshaw & Culbertson LLP

Financial Services for Cannabis and Hemp Businesses - January 2020

Cannabis - With the passage of legislation by the Illinois General Assembly, Illinois became the 11th state (along with the District of Columbia) to allow the recreational use of marijuana. In addition, 33 states and the...more

Hinshaw & Culbertson LLP

Financial Services for Cannabis and Hemp Businesses

With the passage of legislation by the Illinois General Assembly, Illinois became the 11th state (along with the District of Columbia) to allow the recreational use of marijuana. In addition, 33 states and the District of...more

Ballard Spahr LLP

Should the Financial Industry Be Detecting Future Mass Shooters?

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The United States continues to be plagued by mass shootings, which appear to be increasing in both frequency and lethality.  Certain businesses have reacted by adjusting their business models, such as the recent decision by...more

Ballard Spahr LLP

FDIC settles Operation Choke Point lawsuit; entire lawsuit dismissed

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The FDIC has announced that it has entered into a settlement of the lawsuit filed against it and the OCC in 2014 by a trade group and several payday lenders challenging “Operation Choke Point” — a federal  enforcement...more

Morgan Lewis

FDIC Settlement with Payday Lenders Drives (One More) Nail into the Choke Point Coffin

Morgan Lewis on

The latest nail in the coffin for Operation Choke Point was added on May 22 by the Federal Deposit Insurance Corporation (FDIC) when it issued a press release announcing its resolution of a lawsuit against it by several...more

Ballard Spahr LLP

FDIC Hiring Counsel to Investigate Now Defunct Operation Choke Point

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On November 15, 2018, in response to a November 7, 2018 letter from Republican Senators, FDIC Chairman Jelena McWilliams announced that the FDIC has engaged outside counsel to investigate the Obama-era Operation Choke Point,...more

Ballard Spahr LLP

Republican Senators seek action from FDIC to ensure end of Operation Choke Point

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Thirteen Republican Senators have sent a letter to FDIC Chairman Jelena McWilliams urging the FDIC to take action to ensure that lawful businesses are no longer at risk of adverse financial consequences as a result of...more

Ballard Spahr LLP

House Financial Services Committee Schedules Oct. 11 Mark-Up of "Madden fix" Bill

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Among the more than 20 bills that the House Financial Services Committee was scheduled to mark up Wednesday, October 11, was a bill to provide a "Madden fix" as well as several others relevant to consumer financial services...more

Williams Mullen

Operation Choke Point: Justice Department Announces Program’s End

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This article is part of a continuing series on Operation Choke Point. The first article contains a more detailed overview of the history, origin, and evolution of Operation Choke Point and analyzes a still ongoing lawsuit...more

Holland & Knight LLP

Department of Justice Ends Operation Chokepoint

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The U.S. Department of Justice (DOJ) has quietly ended its four-year effort to prevent banks from providing credit and other services to certain businesses that had been deemed controversial. In an Aug. 16, 2017, letter to...more

Ballard Spahr LLP

DOJ confirms termination of Operation Chokepoint; OCC welcomes DOJ statement

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In a letter dated August 16, 2017 to House Judiciary Committee Chairman Bob Goodlatte, Assistant U.S. Attorney General Stephen Boyd stated that “[a]ll of the [DOJ’s] bank investigations conducted as part of Operation...more

Ballard Spahr LLP

D.C. District Court Allows Payday Lenders’ Due Process Claims To Proceed In Case Against “Operation Choke Point”

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On July 5, 2017, the U.S. District Court for the District Columbia, in the lawsuit filed in 2014 challenging “Operation Choke Point” — a federal enforcement initiative involving various agencies, including the Consumer...more

Goodwin

Payday Lenders Claim that Regulators Are Choking Their Livelihoods In Preliminary Injunction

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On November 23, 2016, Advance America, Inc., a payday lender, and Community Financial Services Association of America, Ltd., a trade organization which represents the interests of payday lenders, (“Plaintiffs”) filed a...more

Goodwin

Financial Services Weekly News - March 2016 #4

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Regulatory Developments - FHA Revises Loan-Level Certification Form - On March 15, the Federal Housing Administration (FHA) announced changes to its loan-level certification form. The changes resulted from concerns...more

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