The U.S. House of Representatives this week likely will consider legislation to end Operation Choke Point, sponsored by U.S. Rep. Blaine Luetkemeyer (R-Mo.).
Operation Choke Point is a program where the Federal Deposit Insurance Corporation and Department of Justice reportedly applied pressure to financial institutions to cut off financial services to certain licensed, legally operating industries, including debt collection.
The House Financial Services Committee filed its report on the Financial Institution Customer Protection Act of 2015 last week and the bill could be considered by the whole house this week pursuant to a rule.
The House Financial Services Committee in June 2015 passed the Financial Institution Customer Protection Act of 2015 by a 35-19 vote. The bill, a response to Operation Choke Point, would ban federal regulators from directly or indirectly coercing banks to terminate relationships with legitimate business entities.