lenders BUT the shit really hit the fan when it messed with gun
"Operation Choke Point is one of the greatest threats to our nation's
economic security and free enterprise. If the President can unilaterally
decide what businesses should or should not exist, without the consent
of the people or the representatives they elect, it will have enormous
consequences for limited government and for our economy." - Former
Speaker of the U.S. House of Representatives, Newt Gingrich
House GOP Rams Through 2 New Deregulation Bills That Could
Actually Shut Down All CFPB Efforts.
WASHINGTON -- House Republicans pushed through two bills this week
designed to undermine key environmental and financial regulations by
jamming federal courts with lawsuits.
"Both of these bills are part of an attack on the entire regulatory state," said
Marcus Stanley, policy director at Americans for Financial Reform. "They're
designed to make it impossible for agencies to function."
The first bill, passed Wednesday, rejuvenates the Unfunded Mandates
Reform Act of 1995, shepherded through Congress by then-House Speaker
Newt Gingrich (R-Ga.). The 20-year-old legislation imposed a host of cost-
benefit standards on federal regulators, including a requirement that they
consider the costs that new rules might impose on state and local
governments. Wednesday's GOP bill adds a new dimension to that law by
allowing those detailed regulatory calculations to be challenged in federal
court -- opening every stage of analysis to litigation that may make it nearly
impossible for agencies to write and implement rules.
Neither bill is likely to be enacted as standalone legislation, since Obama
opposes both measures and this week's votes demonstrated that
Republicans do not have enough Democratic support to override a veto.
Nevertheless, GOP leaders may try to tuck either or both bills into a
broader government funding bill or legislation to raise the debt limit --
arenas in which Obama has demonstrated a willingness to let Republican
priorities be enacted.
Rep. Blaine Luetkemeyer, R-Mo., today reintroduced legislation to end the
Justice Department initiative known as Operation Choke Point.
“While steps have been made in the case against Operation Choke Point,
there is still a need for my legislation to be reintroduced this Congress,” he
said in a press release. The legislation, which Luetkemeyer previously
introduced last November, comes one week after the Federal Deposit
Insurance Corp. (FDIC) walked back its involvement in the program and
reversed its policies in targeting legal and legitimate industries that are
disfavored by the Obama administration.
The Federal Deposit Insurance Corp. has acknowledged its role in Operation
Choke Point and is taking dramatic steps to reverse its policies in targeting
legal and legitimate industries that are disfavored by the Obama
administration. “We’re very pleased they’ve acknowledged their wrongdoing
and they’ve accepted our suggestions to put in place measures to stop this
activity,” Rep. Blaine Luetkemeyer, R-Mo., told The Daily Signal in a phone
call this morning. Luetkemeyer, a member of the House Financial Services
Committee and leader in the fight to end Operation Choke Point, met with
FDIC Chairman Martin Gruenbery and Vice Chairman Thomas Hoenig earlier
today as a follow-up to concerns voiced last November.
The Justice Department contends that Operation Choke Point combats
unlawful, mass-market consumer fraud by “choking” their access to banking
systems. But a report by the House Oversight Committee found the
program’s targets, under direction of the FDIC, included legal businesses
such as short-term lenders, firearms and ammunition merchants, coin
dealers, tobacco sellers and home-based charities.
Statement on Providing Banking Services.
The FDIC encourages insured depository institutions to serve their
communities and recognizes the importance of the services they provide.
Individual customers within broader customer categories present varying
degrees of risk. Accordingly, the FDIC encourages institutions to take a risk-
based approach in assessing individual customer relationships rather than
declining to provide banking services to entire categories of customers,
without regard to the risks presented by an individual customer or the
financial institution’s ability to manage the risk. Financial institutions that can
properly manage customer relationships and effectively mitigate risks are
neither prohibited nor discouraged from providing services to any category
of customer accounts or individual customer operating in compliance with
applicable state and federal law.
A new study released by a Kennesaw State University
professor provides evidence against claims of payday loan
critics that extended refinancing of these loans is harmful to
consumers’ financial welfare. The study, which was based on
the transactions of 37,000 borrowers over a four-year period, also found
that borrowers who live in states with fewer refinancing restrictions fare
better than those in more heavily regulated states.
2013 FDIC National Survey of Unbanked and Underbanked
According to data provide by the FDIC, the estimated Alternative Financial
Services transaction volume is $320 billion annually.
That's a very conservative estimate.
The FDIC provides the following statistical annual breakdown:
• Buy Here, Pay Here Auto Loans = $80 billion
• Check Cashing = $58 billion
• Pay Day Loans = $48 billion
• Remittances - $46 billion
• Open Loop Prepaid Cards = $39 billion
Statutes by State
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2014 - Payday Loan Rollovers Do Not Harm Borrowers' Financial
Welfare: Kennesaw State Study
Americans Who Have No Bank:
Batten Institute University of Virginia Darden School of Business
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