FDIC Admits Wrongdoing in "Operation Choke Point" (UPDATED)

FDIC Admits Wrongdoing in "Operation Choke Point" (UPDATED)

UPDATE (2/6/2015): Following the Federal Deposit Insurance Corporation's (FDIC) admission of fault in "Operation Choke Point," which prevented some firearms related businesses from receiving necessary financial services, U.S. Rep. Blaine Luetkemeyer (R-Mo.) has reintroduced the Financial Institution Customer Protection Act.

The act is designed to prevent practices such as those associated with "Operation Choke Point" and ensure all businesses — including those in the firearms industry — have fair access to financial services as a matter of federal law.

"I am reintroducing the Financial Institution Customer Protection Act because this legislation needs to be codified into law so that other agencies don't ever fall into this illegal and abusive practice. Now that the FDIC has made it clear the agency has been involved in Operation Choke Point, I hope members on both sides of the aisle see the importance of my legislation because all of my colleagues have constituents at home who could be impacted by this program," Luetkemeyer said.

"Operation Choke Point" was an initiative of the U.S. Department of Justice (DOJ) in which the provision of financial services was prevented from reaching certain targeted industries. The initiative was highly criticized for allegedly cutting off financial services to some businesses without first showing that the targeted companies had violated the law.


The National Shooting Sports Foundation (NSSF) has been working closely with Rep. Luetkemeyer and his staff.


Original story from 1/30/15 below:

The National Shooting Sports Foundation (NSSF) gained major ground in a discrimination case on Wednesday. The Federal Deposit Insurance Corporation (FDIC) admitted fault in "Operation Choke Point," an ongoing initiative of the U.S. Department of Justice (DOJ) in which the provision of financial services has been prevented from reaching certain targeted industries, including firearms related businesses.

Leadership of the NSSF has been working to stop this type of discrimination, and Wednesday's acknowledgement by the FDIC indicates a step toward that goal. In addition to the agency's admission of wrongdoing, the FDIC also indicated it would cease practices that encouraged such biased treatment going forward.

U.S. Rep. Blaine Luetkemeyer (R.-Mo) released a statement after a meeting with FDIC Chairman Martin Gruenberg and Vice Chairman Tom Hoenig during which the agency's involvement in "Operation Choke Point" was discussed.


Luetkemeyer had this to say about the FDIC's admission:

"After a year of mounting pressure from Congress and outside organization like the National Shooting Sports Foundation, top officials from the Federal Deposit Insurance Corporation finally acknowledged their involvement and wrongdoing in Operation Choke Point. While I am very pleased the FDIC will put in place new polices and change the culture at the agency, there is still work to be done, specifically with the Department of Justice. I am pleased the National Shooting Sports Foundation supports my legislation, the Financial Institution Customer Protection Act, and I have no doubt the foundation will remain steadfast in educating its members and continuing the fight in ending Operation Choke Point once and for all."

GET THE NEWSLETTER Join the List and Never Miss a Thing.

Recommended Articles

See More Recommendations

Popular Videos

Hornady 6MM Creedmoor

Hornady 6MM Creedmoor

Tom Beckstrand and Neal Emery of Hornady highlight the 6MM Creedmoor ammo.

Black Hills Evolution of Rifle Cartridge: .308 Win. 175 Gr. Match

Black Hills Evolution of Rifle Cartridge: .308 Win. 175 Gr. Match

David Fortier talks with Jeff Hoffman of Black Hills Ammunition about the evolution of the .308 Win. 175 Gr. Match bullet.

Century Arms Introduces a Heavy-Duty AK Rifle

Century Arms Introduces a Heavy-Duty AK Rifle

Chambered in 7.62x39mm with components machined from extremely durable S7 tool steel, a chrome-moly 4150 barrel and a carburized 4140 steel bolt.

Trijicon

Trijicon's New Specialized Reflex Optics (SRO)

The Trijicon SRO is specifically designed for pistol use. The wide field of view and clean, crisp dot makes it easy for users to find and track the dot in both target and competitive shooting applications.

See More Popular Videos

Trending Articles

How-To

9 Commonly Misused Gun Terms

Kyle Wintersteen

"Assault weapon." Sixteen-round "clip." A box of "bullets." When it comes to guns and gun...

Springfield Armory's SAINT Edge Pistol may be the best AR pistol on the market. Handguns

Springfield Armory SAINT Edge Pistol Review

James Tarr - April 17, 2019

Springfield Armory's SAINT Edge Pistol may be the best AR pistol on the market.

A guide on how to pair .223 and 5.56 NATO rifle barrel twist rates with bullet weights. Conventional wisdom says slower twist rates wouldn't properly-stabilize a heavy bullet. On the other hand, faster rates could over-stabilize lighter bullets. This is correct in theory, however, modern ballisticians have all but debunked the over-stabilization theory. All things being equal, it is better to have too much twist than not enough. How-To

Pairing Barrel Twist Rates with Bullets for .223 and 5.56 NATO

Keith Wood - November 17, 2018

A guide on how to pair .223 and 5.56 NATO rifle barrel twist rates with bullet weights....

From milled slides to optics-included packages, these pistol options are all red-dot sight ready. Handguns

14 Red Dot Ready Pistols You Must See

James Tarr - December 20, 2018

From milled slides to optics-included packages, these pistol options are all red-dot sight...

See More Trending Articles

More Industry

POF-USA President and CEO Frank DeSomma passed away June 19, 2020. Industry

PATRIOT – In memory of Frank DeSomma, POF-USA

Eric R. Poole - June 19, 2020

POF-USA President and CEO Frank DeSomma passed away June 19, 2020.

Perspective from the National Shooting Sports Foundation.

Guns are Selling, But Gun Safety is Priceless

Joe Bartozzi

Perspective from the National Shooting Sports Foundation.

Perspective from the National Shooting Sports Foundation.

NSSF: Modern Sporting Rifles and Today's Voter

Larry Keane - July 20, 2020

Perspective from the National Shooting Sports Foundation.

PolyOne announced its acquisition of the color masterbatch businesses of Clariant and Clariant Chemicals India Ltd., and has implemented a corporate name change. Beginning immediately, PolyOne is now called Avient. Industry

PolyOne Announces Clariant Masterbatch Acquisition and Name Change

Guns & Ammo Staff - July 16, 2020

PolyOne announced its acquisition of the color masterbatch businesses of Clariant and Clariant...

See More Industry

GET THE MAGAZINE Subscribe & Save

Digital Now Included!

SUBSCRIBE NOW

Give a Gift   |   Subscriber Services

PREVIEW THIS MONTH'S ISSUE

GET THE NEWSLETTER Join the List and Never Miss a Thing.

Get Digital Access.

All Guns and Ammo subscribers now have digital access to their magazine content. This means you have the option to read your magazine on most popular phones and tablets.

To get started, click the link below to visit mymagnow.com and learn how to access your digital magazine.

Get Digital Access

Not a Subscriber?
Subscribe Now