(Washington Times) In an effort to put an end to Operation Choke Point — a financial task force that was created by the Obama administration to "choke out" businesses it finds objectionable like gun shops — the Federal Deposit Insurance Corp. issued a letter Wednesday saying all banks should examine their customer relationships on a case-by-case basis and not by industry operational risk.
The government agency followed the action with a memorandum to its supervisory staff requiring examiners put in writing their recommendation to terminate an account, which the financial institution must review before the account is ended.