AFSA Supports Financial Institution Customer Protection Act

AFSA last week sent a letter to Senate Banking Committee Chairman Mike Crapo (R-ID) supporting S. 3003, the Financial Institution Customer Protection Act.

The legislation would eliminate Operation Choke Point, a former administration initiative that pressured banks to close the accounts of many legitimate businesses.

“Even though Operation Choke Point has officially ended, its effects remain.,” wrote Ann Harter, Vice President of Congressional Affairs at AFSA. “Financial services companies that follow state and federal laws are still having their accounts closed with very little explanation. Furthermore, companies that had their accounts closed may still be having trouble finding new banking relationships. Legitimate bank customers, like traditional installment lenders, which have provided safe and affordable small-dollar credit to consumers in their communities for over a century, deserve fair access and fair treatment by federal banking agencies.”