Operation Choke Point
US government action against banks / From Wikipedia, the free encyclopedia
Dear Wikiwand AI, let's keep it short by simply answering these key questions:
Can you list the top facts and stats about Operation Choke Point?
Summarize this article for a 10 year old
Operation Choke Point was an initiative of the United States Department of Justice beginning in 2013[1] which investigated banks in the United States and the business they did with firearm dealers, payday lenders, and other companies that, while operating legally, were said to be at a high risk for fraud and money laundering.
Operation Choke Point | |
---|---|
Operation Name | Operation Choke Point |
Type | Bank Fraud Enforcement action |
Roster | |
Planned by | United States Department of Justice |
Mission | |
Target | Pay Day Lenders |
Timeline | |
Date begin | 2013 or before |
Date end | August 17, 2017 |
Results | |
Accounting |
This operation, disclosed in an August 2013 Wall Street Journal story,[2] was officially ended in August 2017,[3] and the Federal Deposit Insurance Corporation (FDIC) settled multiple lawsuits by promising to Congress additional training for its examiners and to cease issuing "informal" and "unwritten suggestions" to banks.