Banks escalate punishment on conservative organizations

American Thinker ^ | 22 Oct, 2024 | Susan Quinn

[Bayard]

Reason million why Patriot act needs to be repaled.Banks shouldn’t be required to collect this information.

It just encourages political activity in one sided ways.

The opportunity is there by institutionalization so all it takes are a few bad actors with the power to make it happen.

[Wallace T.]

So far in 2024, only two banks have been closed by the OCC or the state banking departments. There are between the FDIC and OCC about 230 enforcement actions issued since 1/1/2022 against banks, some duplicate, for instance, a civil money penalty and a written agreement against a bank. There are about 4,400 banks in the United States. Excluding Federal Reserve or State enforcement actions, less than 6% of all banks are subject to enforcement actions. A majority of them have nothing to do with consumer regulations or the Bank Secrecy Act and related statutes.

[Aeneas2112]

Every fascist dolt, of either party, who supported the PATRIOT act deserves anything the government does to them.

[icclearly]

A majority of them have nothing to do with consumer regulations or the Bank Secrecy Act and related statutes.

I don't believe this has anything to do with BSA or consumer regulations; it has to do with a regulator and their political bosses, including the DOJ and FDIC, implying that certain businesses, as determined by our government, are a problem and should not be banked.

As I commented, Operation Chokepoint was real and effective. It shut out many businesses that were not "acceptable" to the regulator. In fact, it still exists today -- but not quite as intense.

CLICH HERE TO READ ABOUT CHOKE POINT

In addition to the description above, I'm not sure what pressure the regulator applied, but one theory is more emphasis on these specific bank clients that forced the bank or credit union to spend much more on compliance than the more "acceptable" businesses.