Obama’s Operation Choke Point strikes again. Read the Daily Caller excerpt below the WFLA excerpt to understand what is going on with Operation Choke Point.
Excerpted from WFLA: SunTrust Bank doesn’t want Steve Champion’s money because it doesn’t like how he earns it.
Champion owns American Gun & Pawn in Brooksville.
“At first I thought it must be a hoax,” he said.
But this is no joke. SunTrust sent Champion a letter, dated March 20, advising him to withdraw his funds immediately.
“If you do not close these accounts by this date, we will need to close them for you,” the letter says.
The letter says their banking “relationship” “no longer meets the bank’s corporate business objectives.” It does not go into detail on why the decision was made.
“The decision cannot be reversed and is final,” the letter says.
Champion was shocked. He’s been in business for just a year and said his account is good in standing.
“I’ve worked my whole life to open a business,” he said. “I have a near-perfect credit score. I have zero debt.”
Champion was even more shocked when he called the bank and spoke with a customer service representative.
He said the representative told him, “Oh, you got one of the gun letters.” He said she went on to say the letters are going to gun shop owners across the country.
Champion is livid and wants answers.
“We’re a legitimate business that’s licensed through the federal government so why am I being singled out and why is my account being canceled?” he asked. “It’s just unacceptable, and I told them I will tell everyone that wants to listen.”
He posted the SunTrust letter on his Facebook page. It has more than 75,000 views. The post is spreading, and Champion’s online supporters are growing. Some are calling for boycotts of SunTrust. Keep reading
Excerpted from The Daily Caller: The letter matches others sent to pawn shops and gun store owners across the country. Though banks and the federal government have remained tight-lipped about the closures, they are believed to be related to Operation Choke Point, a Department of Justice initiative ostensibly aimed at ending bank fraud. Choke Point has identified nearly 30 types of businesses as being at “high-risk” for fraudulent and illegal activities. The “high-risk” list includes gun shops, pawn shops, coin dealers and payday lenders.
While Operation Choke Point does not explicitly force banks to end relationships with “high-risk” companies, it is believed that maintaining those relationships opens banks up to more scrutiny. Rather than deal with more oversight, some banks seem to have chosen to stop doing business with such companies altogether. Read the whole thing