Posted on 05/15/2015 7:12:37 PM PDT by SoConPubbie
WASHINGTON, D.C. - U.S. Sen. Ted Cruz (R-Texas) today sent a letter to Consumer Financial Protection Bureau Director Richard Cordray requesting that he publicly make clear that the agency will not participate in Operation Choke Point or any similar initiative.
Operation Choke Point, as the letter explains, is "an enforcement initiative designed to pressure banks and other financial institutions to terminate the accounts of certain politically disfavored businesses, such as casinos, tobacco distributors, payment processers, and short-term lenders. Even gun stores, which engage in constitutionally protected activity under the Second Amendment, were targeted."
Based on this initiative, Sen. Cruz expressed concern that the CFPB may be participating in similar discrimination: "The recent lawsuit you filed against various debt collectors and payment processers concerns us greatly, as the suit targets certain payment processors that even you acknowledge did nothing illegal," Sen. Cruz wrote.
See the full letter here and below:
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May 15, 2015
Richard Cordray
Director
Bureau of Consumer Financial Protection
1700 G Street, NW
Washington DC, 20552
Dear Director Cordray,
As I am sure you are aware, the Federal Deposit Insurance Corporation and the Department of Justice recently provoked a public backlash over Operation Choke Point, an enforcement initiative designed to pressure banks and other financial institutions to terminate the accounts of certain politically disfavored businesses, such as casinos, tobacco distributors, payment processers, and short-term lenders. Even gun stores, which engage in constitutionally protected activity under the Second Amendment, were targeted.
In January, the FDIC issued a statement that attempted to quell public dismay. The statement was accompanied by a Financial Institution Letter (FIL) that established new procedures for its examiners to follow in determining whether to order or recommend a bank to terminate a customer's account.
Unfortunately, numerous concerns with this program still exist. Because the officials responsible for conducting the initial targeting under Operation Choke Point still oversee the program, there is a real possibility that nothing will actually change. Even under the new policy, there remains a clear incentive for examiners to recommend account terminations for politically disfavored businesses.
Because of these concerns and because the Department of Justice has not terminated this "operation," I am concerned that the CFPB might head down a similar path. The recent lawsuit you filed against various debt collectors and payment processers concerns us greatly, as the suit targets certain payment processors that even you acknowledge did nothing illegal.
In order to reassure the public that the CFPB is not abusing its power for political purposes, I request that your agency publicly disavow any involvement in Operation Choke Point or any similar effort, and issue a public FIL making clear your guidelines for documenting recommendations that a financial institution terminate a customer account.
I appreciate your prompt response.
Sincerely,
Ted Cruz
United States Senator
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Ted Cruz Ping! Businesses OR INDIVIDUALS...
The IRS has blown it’s credibility.
Time to go... (way past time)
They are so imbedded and powerful, they ain’t going anywhere. They are like the NSA and EPA, corrupt and here to stay.
Curious...
Have any of the other candidates or prospective candidates mentioned this at all?
Or is Ted way ahead of the rest of the pack?
So what might "President" Cruz propose to do about people like Lois Lerner who abuse their authority, ruin people's lives and then simply retire to avoid any accountability and happily draw their pensions and enjoy their healthy benefits package courtesy of the American taxpayers they illegally attacked?
What might any of the candidates propose? - I say, let's get into a town hall or two and find a way to ask them some tough questions.
Or is Ted way ahead of the rest of the pack?”
Probably, since he is far and away the smartest.
Maybe we should just start saying, “Cruz is always the smartest person in the room.”
Predicted MSM coverage: Extremist Ted Cruz reveals just how extremely extreme he really is!
I thought I heard Jindal has been promoting the Fair Tax.
I would hope you’re wrong, but I’m not holding my breath.
the senator needs to wake up
the whole point of the left is to disrupt anything owned or operated by anyone they perceive as a member of the right. this includes scholarships, businesses, loans, or general careers for those starting out. if you’ve been tagged as a ‘member of the right’ they will try to trip you up.
Look far down the road. Do you see that tiny figure in the distance, running nice and easy and raising a cloud of dust? That’s Ted. And that’s how far ahead he is of the pack.
Me? I’m a mile or so back, enjoying Ted’s dust with my Cruz control set on Ted.
You made me imagine a bumpersticker I want. Ted Cruz, EXTREME Constitutionalist.
When is the “Me Too” chorus from the primary field going to chime in?
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