GOP Members Press Agencies on ‘Choke Point’

Several GOP members of the House Financial Services Committee wrote to leaders of the Federal Reserve, CFPB and OCC to urge them to formally disclaim any involvement in Operation Choke Point.

Noting that the FDIC had issued guidelines for examiners detailing when and how they may advise a bank to terminate a deposit account relationship, the lawmakers urged the other regulators to do the same.

“Your proactive efforts to require your staff to follow similar guidelines as those issued by the FDIC would help demonstrate to Congress, the public and the financial institutions that you regulate that [you]take seriously the need for transparency and fairness in examinations,” they wrote. Read the letter.