“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.
Using government force to circumvent the second amendment..through exerting pressure on banks (because of regulatory power) to deny loans to gun dealers..to make it hard for them to survive economically…I think that’s called conspiracy….and is a major crime.
impeach these two
To the Obama administration SUCCESS is measured in how much damage it can cause BEFORE being held accountable. UNLIMITED apparently.
these 2 are trash
Traitors one and all. Impeach them both and get rid of them now!!!
Impeach!
Folks lets boycott TD Bank they have complied with operation Chokepoint and the DOJ and Obama. I won’t bank with a bank that complies I will go to a credit union
Obama is now out to do whatever harm he can do because he knows the people are upset with him and he won’t be able to wil them back so anything goes, he just doesn’t care.
This is some bull right here. What if some one from another country was applying for alone with not so good of credit history ?? May some one from the middle east. Hmm ,for a American Man to not be able to get a lone at his own bank, poses a concern for us all. Plus the fact Im sure the monies he was applying for would curcculate here as well. Sad Sad Sad as well as irritating as all get out.
Government get the hell out of our lives!!