“I was told my finances were fine and history was spotless, however they could not approve me because I sell guns,” states Mark Cohen, the owner of Powderhorn Outfitters, based in Hyannis, Mass, who was recently denied credit through his bank, TD Bank, despite their long history working together.
Operation Choke Point is the fascist creation of Obama and Holder to bypass the Constitution and ‘eliminate’ businesses they don’t like. And, of course that includes gun stores.
They simply, through the Dept. of Justice, have a business industry declared ‘high risk’ and any business within that industry can’t get financing.
A Massachusetts gun store is the latest victim of Operation Choke Point, a Department of Justice and Federal Deposit Insurance Corporation initiative that limits banking access for industries it deems “high risk,” the store’s owner claims.
“Recently I applied for a line of credit and was informed I was declined,” wrote Mark Cohen, the owner of Powderhorn Outfitters, based in Hyannis, Mass.
Cohen said he and his company, founded in 1978, were longtime customers of TD Bank.
“I was told my finances were fine and history was spotless, however they could not approve me because I sell guns.”
“Taken aback,” Cohen said he closed his accounts with the bank and then did some research. He discovered Operation Choke Point, an initiative that arose from the Financial Fraud Enforcement Taskforce, formed in 2009. With a stated goal of targeting fraudsters and scammers, the initiative created a list of industries that it deemed “high risk”.
The policy “groups gun manufacturers or dealers with Pot Dispensaries and the Porn Industry!” wrote Cohen.
By doing business with companies in “high risk” industries – which, according to a 2012 FDIC directive, include online tobacco, online gambling-related operations and payday lenders — banks invite further scrutiny from federal agencies. To avoid this, many banks merely drop customers in those industries.
Earlier this year, numerous adult film stars were notified that their banking accounts were suspended because of their line of work.
“In lieu of taking away our guns, they are placing these labels on us in an effort to remove funding for gun manufacturing,” wrote Cohen.
Earlier this month, the Washington Times, which has covered the issue in depth, listed a number of small gun retailers whose banks have “choked” their banking access.
“This letter in no way reflects any derogatory reasons for such action on your behalf. But rather one of industry. Unfortunately your company’s line of business is not commensurate with the industries we work with,” read a letter sent from BankUnited N.A. to the owner of the Miami-based Top Gun Firearms Training & Supply, according to the Washington Times.
Some in the banking industry are critical of the regulation as well.
“We’re being threatened with a regulatory regime that attempts to foist on us the obligation to monitor all types of transcations,” wrote Richard Riese, a senior vice president at the American Bankers Association, in an article last month, the Times noted.
People need to stand together and stop this none sense!!OUTRAGES!!!
The Evil Evil Twins.
a little racist there Gary L Kirkpatrick. sorry to tell you this but there are thieves and liars in all races. People like you are another problem in this country. the majority of our government is white and they all lie and steal
makes u wish u were black and had good credit.can u say try to open a gun store and then sue the bank and gubment for discrimination.
Dawn: Whites steal and lie/ Obama is a half breed and he lies through his teeth every time he opens his mouth. And what about Muslims, Blacks, Mexicans, Chinese, Koreans and all they other races in this county? None of these lie and steal just whites? You are among the groups who are trying to kill christianity and promote racism?
Once again, big government sticking its nose where it does not belong.
Gun stores are just the first step. Look what is happening in the “public schools”. Tobacco stores will be next and it won’t take long for it to get to the food chain.
traitor
So wrong
bull bull bull this is wrong wrong wrong