FDIC Delivers Blow to Operation Choke Point
Department of Justice's "Operation Choke Point," a controversial program to make access to the financial system difficult for certain businesses, has been dealt a blow by the FDIC, which has withdrawn a list of merchant categories that it said warranted heightened attention by banks. The list, including payday lenders, debt consolidation firms, pornography businesses and others, had been misinterpreted, resulting in banks severing ties with legitimate businesses in those industries, according to the FDIC. [7/29/14]
