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Operation Choke Point

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  • Operation Choke Point

    This is the first time I've heard of this...

    Source: WSJ

    Justice's new probe, known as "Operation Choke Point," is asking banks to identify customers who may be breaking the law or simply doing something government officials don't like. Banks must then "choke off" those customers' access to financial services, shutting down their accounts.

    Justice launched the effort in early 2013 as a policy initiative of the president's Financial Fraud Enforcement Task Force, which includes the Federal Deposit Insurance Corp., the Consumer Financial Protection Bureau and other regulatory agencies. Though details are scant—much of the investigation has been conducted in secret—the probe aims to crack down on fraud in the payments system by focusing on banks that service online payday lenders and other services deemed suspicious by the government.

    Source

    © Copyright Original Source



    [Emphasis mine]

    Sounds awesome.

    Source: TechDirt

    Let's not mince words: a program that was built upon the goals of stopping financial fraud has devolved into a massive government overreach into private businesses that are operating within the law. The way it works is that the DOJ informs financial institutions that certain industries are more likely than others to be involved in unauthorized charges of consumer credit and bank cards. They likewise inform the banks that the DOJ is going to keep a special super-awesome close-eye on these industries, with the implication being that there will be a great deal of prosecutorial action, subpoenas, and scrutiny on those industries, not mention penalties on the institutions that work with them. The intention of the government, it would seem, is to make the banks unwilling to deal with the government harassment and simply cut anyone in those industries off from the financial institutions.

    Source

    © Copyright Original Source



    Yep, definitely awesome.

    And these are the guys we are supposed to trust with ever-increasing amounts of power and oversight?
    Last edited by CMD; 05-28-2014, 02:44 AM.

  • #2
    I remember when somebody came up with the BRILLIANT idea of making financial institutions report any transactions over $10,000. What did the bad guys do? They made multiple transactions, making sure no individual one exceeded the amount that needed to be reported.
    "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

    Comment


    • #3
      Originally posted by CMD View Post
      This is the first time I've heard of this...

      Source: WSJ

      Justice's new probe, known as "Operation Choke Point," is asking banks to identify customers who may be breaking the law or simply doing something government officials don't like. Banks must then "choke off" those customers' access to financial services, shutting down their accounts.

      Justice launched the effort in early 2013 as a policy initiative of the president's Financial Fraud Enforcement Task Force, which includes the Federal Deposit Insurance Corp., the Consumer Financial Protection Bureau and other regulatory agencies. Though details are scant—much of the investigation has been conducted in secret—the probe aims to crack down on fraud in the payments system by focusing on banks that service online payday lenders and other services deemed suspicious by the government.

      Source

      © Copyright Original Source



      [Emphasis mine]

      Sounds awesome.

      Source: TechDirt

      Let's not mince words: a program that was built upon the goals of stopping financial fraud has devolved into a massive government overreach into private businesses that are operating within the law. The way it works is that the DOJ informs financial institutions that certain industries are more likely than others to be involved in unauthorized charges of consumer credit and bank cards. They likewise inform the banks that the DOJ is going to keep a special super-awesome close-eye on these industries, with the implication being that there will be a great deal of prosecutorial action, subpoenas, and scrutiny on those industries, not mention penalties on the institutions that work with them. The intention of the government, it would seem, is to make the banks unwilling to deal with the government harassment and simply cut anyone in those industries off from the financial institutions.

      Source

      © Copyright Original Source



      Yep, definitely awesome.

      And these are the guys we are supposed to trust with ever-increasing amounts of power and oversight?
      Gee, you sound like you don't really trust the DOJ. Whyever not?

      I DENOUNCE DONALD J. TRUMP AND ALL HIS IMMORAL ACTS.

      Comment


      • #4
        The Feds, in their goofy attempts to "catch criminals", are constantly coming up with ways to make it harder for honest people to conduct business, perhaps unaware that the "bad guys" can adapt very easily and adeptly.
        "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

        Comment


        • #5
          I have reported this thread to my Bank Teller. It's her job to tell the government about you subversives.

          Comment


          • #6
            That last time I deposited or transacted $10,000 was .... um....


            ... in my wildest dreams.
            "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

            Comment


            • #7
              Originally posted by Cow Poke View Post
              The Feds, in their goofy attempts to "catch criminals", are constantly coming up with ways to make it harder for honest people to conduct business, perhaps unaware that the "bad guys" can adapt very easily and adeptly.
              The main problem (the point I think CMD is trying to make), in light of revelations of unbelievable corruption with both banks and the DOJ, is the false assumption that there is a distinction between "good" guys and "bad" guys.
              "I was the CIA director. We lied, we cheated, we stole, it was like... we had entire training courses. It reminds you of the glory of the American experiment." - Mike Pompeo, Secretary of State (source).

              Comment


              • #8
                Originally posted by Cow Poke View Post
                That last time I deposited or transacted $10,000 was .... um....


                ... in my wildest dreams.
                I have heard the number is lower now because....so many started doing that, making multiple smaller deposits...I've heard some banks closely check deposits as low as $2,000 - $3,000
                "What has the Church gained if it is popular, but there is no conviction, no repentance, no power?" - A.W. Tozer

                "... there are two parties in Washington, the stupid party and the evil party, who occasionally get together and do something both stupid and evil, and this is called bipartisanship." - Everett Dirksen

                Comment


                • #9
                  Originally posted by Littlejoe View Post
                  I have heard the number is lower now because....so many started doing that, making multiple smaller deposits...I've heard some banks closely check deposits as low as $2,000 - $3,000
                  That seems unrealistic to me unless it's only people (not businesses) or if it's only deposits and not transactions.
                  I'm not here anymore.

                  Comment


                  • #10
                    Originally posted by Cow Poke View Post
                    I remember when somebody came up with the BRILLIANT idea of making financial institutions report any transactions over $10,000. What did the bad guys do? They made multiple transactions, making sure no individual one exceeded the amount that needed to be reported.
                    Sorry, banks have to try to id and report those, too.
                    "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

                    "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

                    Comment


                    • #11
                      Originally posted by Thoughtful Monk View Post
                      Sorry, banks have to try to id and report those, too.
                      "those, too"? you mean ANY transactions?
                      "Neighbor, how long has it been since you’ve had a big, thick, steaming bowl of Wolf Brand Chili?”

                      Comment


                      • #12
                        Originally posted by Cow Poke View Post
                        "those, too"? you mean ANY transactions?
                        Yep, any combo of transactions totaling 10K. I don't know what the time frame for transactions is.
                        "For I desire mercy, not sacrifice, and acknowledgment of God rather than burnt offerings." Hosea 6:6

                        "Theology can be an intellectual entertainment." Metropolitan Anthony Bloom

                        Comment


                        • #13
                          I thought this was gonna be another thread about Obama bathhouse rumors.
                          "As for my people, children are their oppressors, and women rule over them. O my people, they which lead thee cause thee to err, and destroy the way of thy paths." Isaiah 3:12

                          There is no such thing as innocence, only degrees of guilt.

                          Comment


                          • #14
                            Originally posted by Darth Executor View Post
                            I thought this was gonna be another thread about Obama bathhouse rumors.

                            Comment

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