Skip to main content

Operation Choke Point Accuser Speaks Out

Is your credit union being pressured by auditors to close or not open certain accounts because they feel they are too risky.

Not sure if you know about Operation Choke Point so I have included these 2 article's,

When Mike Schuetz, owner of Hawkins Guns LLC in Hawkins, Wis., asked the branch manager for an explanation, he was told the credit union had received pressure from regulators. He recorded his conversation with the manager, who also explained the credit union did not serve businesses associated with guns and ammunition.

Schuetz is convinced the situation occurred as a result of Operation Choke Point, which the U.S. Department of Justice established to reduce fraud and reputational risk to financial institutions by pressuring them to refuse business from risky sectors.

“They told me I had to close it because I was a high-risk industry and they were not able to service me,” Schuetz told CU Times. “The local manager had a clip board from which she read off of with certain industries listed.”  Operation Choke Point Accuser Speaks Out

 

House Financial Services Committee Chairman Jeb Hensarling and other committee leaders have asked the NCUA and the CFPB to cease any enforcement of Operation Choke Point.

The lawmakers requested that the agencies publicly disclaim their past, present and future involvement in Operation Choke Point or any similar operation. The agencies were asked to clarify their policy for documenting and reporting orders to financial institutions regarding the termination of deposit account relationships. Lawmakers also requested a notice in writing from each agency to confirm that employees have been notified about the policy.  Lawmakers to NCUA: Abandon Operation Choke Point

Comments

Post a Comment

Please no profanity or political comments.

Popular posts from this blog

Update: First Responder Credit Unions Academy (FRCUA) Udates

In an ongoing effort to keep your FRCUA education current, modules are continually updated to reflect current NCUA and other regulatory agency requirements. As an example, BSA 26 now includes  Artificial Intelligence and BSA,  Elder Financial Exploitation,  Pig Butchering & BSA, and Executive Order –  Free and Fair Banking.
Post a Comment
Read Complete Article HERE>»

Mortgage Rates Tick Down

MCLEAN, Va.--Mortgage rates moved slightly lower this week, with the 30-year fixed-rate mortgage averaging 6.56%, Freddie Mac reported. “Mortgage rates are at a 10-month low,” said Sam Khater, Freddie Mac’s chief economist. “Purchase demand continues to rise on the back of lower rates and solid economic growth. Though many potential homebuyers still face affordability challenges, consistently lower rates may provide them with the impetus to enter the market.” The 30-year FRM averaged 6.56% as of Aug. 28, down from last week when it averaged 6.58%. A year ago at this time, the 30-year FRM averaged 6.35%. The 15-year FRM averaged 5.69%, unchanged from last week. A year ago at this time, the 15-year FRM averaged 5.51%, Freddie Mac said. ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

SIGN UP FOR YOUR CUSTOM HEALTH INSURANCE SOLUTION TODAY

 https://bizu65.allstatehealth.com/?password=demo ____________________________________________ Check out NCOFCU's additional features: First Responder Credit Union Academy Podcasts YouTube Mini's Blog Job Board
Post a Comment
Read Complete Article HERE>»

Wendelville Fire Chief Andrew Pilecki re-elected to FASNY board

Andrew Pilecki, the current fire chief of Wendelville Volunteer Fire Company, has been re-elected to the board of directors of the Firefighters Association of the State of New York. Pilecki has been a member of the fire service for more than four decades, including the past 22 years as a responder with the Wendelville company. Previously he was an active member of Columbia Hook and Ladder Co. He’s also a former assistant director of emergency management for the City of North Tonawanda. FASNY directors serve five-year terms of office. During his first term, Pilecki was instrumental in supporting the association’s pandemic response, championed fire company recruitment and retention efforts, and worked to amplify the needs of Western New York’s volunteer fire service at the state level, according to FASNY. “I’m honored to be re-elected and to continue advocating for the men and women who volunteer their time, risk their safety and serve their communities across the state,” Pilecki said. “...
Post a Comment
Read Complete Article HERE>»

Many CUs Likely to Face New Operating Challenges "Michael Moebs"

04/08/2024 09:04 pm By Ray Birch LAKE FOREST, Ill.—The trend lines don’t lie: Financial institutions charging high overdraft fees will likely face operating challenges in the near future and may even be forced to merge if they don’t follow the market trend of lowering their OD charge. Michael Moebs, economist and chairman of Moebs $ervices, is offering that forecast following his company’s new overdraft study, which has found overall net OD revenue for 2023 was down 5.7%, with banks dipping by 8.1% to $31.4 billion, thrifts falling by 28.6%. and credit unions actually increasing net revenue 2.2%. The study further reveals the m...
Post a Comment
Read Complete Article HERE>»