"the DOJ encourages banks and third party payment processors to drop these high-risk clients by “flooding payments companies that provide processing service to those industries with subpoenas, civil investigative demands, and other burdensome and costly legal demands.” The American Banker reveals, in their timeline of Operation Choke Point, that the subpoena flood started shortly after Operation Choke Point’s inception in March 2013. The subpoenas went to banks and payment processors large and small: Everything from the $343 million-endowed National Bank of California to the $220 billion-endowed PNC Financial Services Group. By fall of 2013, the Justice Department had pressured some banks into settling with the government."I like the word encourages.
"The FDIC’s list of 30 high-risk merchant categories that are currently being pursued by the DOJ.
- Ammunition Sales
- Cable Box De-scramblers
- Coin Dealers
- Credit Card Schemes
- Credit Repair Services
- Dating Services
- Debt Consolidation Scams
- Drug Paraphernalia
- Escort Services
- Firearms Sales
- Fireworks Sales
- Get Rich Products
- Government Grants
- Home-Based Charities
- Life-Time Guarantees
- Life-Time Memberships
- Lottery Sales
- Mailing Lists/Personal Info
- Money Transfer Networks
- On-line Gambling
- PayDay Loans
- Pharmaceutical Sales
- Ponzi Schemes
- Pornography
- Pyramid-Type Sales
- Racist Materials
- Surveillance Equipment
- Telemarketing
- Tobacco Sales
- Travel Clubs
And we wonder why our economy is bad.
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