#Operation Chokepoint

19 01, 2024

Daily-011924

2024-01-19T16:07:07-05:00January 19th, 2024|2- Daily Briefing, Uncategorized|

Bipartisan House Letter Slams Basel Proposal’s Capital Markets Impact

Following up on our analyses yesterday of Congressional pressure on the banking agencies, we here turn to a bipartisan letter from 15 Members of the House led by Capital Markets Subcommittee Ranking Member Sherman (D-CA) and Subcommittee Chair Wagner (R-MO) warning the agencies of the proposal’s adverse capital-markets impact.

Brown Leads Campaign for Strong End-Game Standards

The first unequivocal expressions of support for the capital rules from key Members we have found came today from Banking Committee Chairman Brown (D-OH) and eleven Senate Democrats.

Banking Agencies Seek NBFI Data from FBOs

The OCC, FRB, and FDIC today requested comment on a proposal to gather more granular information on call reports filed by FBOs related to loans and lease receivables.

GOP Leadership Reignites “Operation Chokepoint” Concerns

Reigniting GOP concerns about “Operation Chokepoint” political regulation, Senate Banking Ranking Member Scott (R-SC) today sent a letter to Treasury Secretary Yellen and FinCEN Director Gacki raising concerns that Treasury urged banks to surveil customers’ transaction-level data using what he calls politically-charged search terms such as “Trump” and “MAGA” as well as merchant category codes to detect activity such as legal firearm purchases.

Daily011924.pdf

14 07, 2023

Al071723

2023-07-14T16:19:20-04:00July 14th, 2023|3- This Week|

All Roads Lead To Chokepoint

As we noted last week, HFSC’s anti-ESG agenda includes a strong poke at banks and their regulators, going beyond the climate-risk concerns that lie at the center of these sessions also to resurrect efforts during the Trump Administration to sanction any bank that decides on reputational or other grounds not to lend to a creditworthy, legal business (see FSM Report ESG3).  Much is said in this context about “Operation Chokepoint,” a decade-plus old effort by the FDIC and OCC to block bank exposures to payday lenders, firearms firms, or others the agencies believed posed so much reputational risk as to make the loans unsafe or unsound.

Al071723.pdf

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