CUNA wrote this week to support a bill placing limits on Operation Choke Point, an initiative CUNA believes uses broad enforcement tactics that could create unnecessary risks to consumers and the economy. The Financial Institution Consumer Protection Act of 2017 (H.R. 2706) was introduced by Rep. Blaine Luetkemeyer (R-Mo.).
Operation Choke Point is a Department of Justice initiative that allows investigations of financial institutions and payment-processing companies to determine if they have enabled fraudulent activity by serving certain customers or members.
“Credit unions are committed to maintaining the ability to serve their members while strictly following all laws and governing regulations,” wrote CUNA President/CEO Jim Nussle. “H.R. 2706 is a reasonable approach to preventing fraud and maintaining financial integrity without overreaching.
Specifically, H.R. 2706 would: