In a letter to the OCC yesterday, Rep. Blaine Luetkemeyer (R-Mo.) took the agency to task for its continued involvement in the Department of Justice’s Operation Choke Point, which seeks to curtail disfavored businesses by working through regulators to pressure financial institutions to end customer relationships.
The FDIC’s proposed supervisory changes to expand banks’ exam appeals options are positive but not nearly enough to address exam fairness problems, ABA said in a comment letter today.
Sens. Ted Cruz (R-Texas) and Mike Lee (R-Utah) yesterday introduced an ABA-supported bill intended to rein in the Justice Department’s Operation Choke Point, which sought to curtail disfavored businesses by working through regulators to pressure financial institutions to end customer relationships with these businesses.
In supervising banks that made tax refund anticipation loans, the FDIC made “aggressive and unprecedented” use of its supervisory powers and imposed “high costs” on institutions offering the legal products, according to a review issued today by the FDIC’s inspector general.
By a bipartisan 250-to-169 vote, the House today approved a bill that would end the Justice Department’s Operation Choke Point initiative, which sought to curtail disfavored businesses by working through regulators to pressure financial institutions to end customer relationships with these businesses.
The FDIC played an “inconsequential” role in the Justice Department’s Operation Choke Point, according to a report today from the agency’s independent inspector general.
ABA submitted a statement for the record in today’s House Financial Services Committee hearing on protecting consumer financial choices.
The regulatory reform bill introduced by Senate Banking Committee Chairman Richard Shelby (R-Ala.) was approved by the committee today. The ABA-supported bill would provide regulatory relief for community, mid-size and regional banks, tailor the regulatory structure for systemically important banks and begin restructuring within the Federal Reserve System and at Fannie Mae and Freddie Mac.
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.