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Friday, March 16, 2018

NAC's Choke Point battle rages on

While the U.S. Department of Justice officially terminated Operation Choke Point Aug. 16, 2017, it appears numerous financial institutions have not received the memo. Opponents claim the Obama-era anti-fraud initiative, originally designed to combat criminal activities, has inadvertently harmed millions of legitimate business owners.

Critics maintain that by stigmatizing entire industry sectors, the OCP measures have led to stringent "de-risk" policies that inhibit high-risk merchants from opening and maintaining bank accounts and lines of credit. Their claims are further supported by an independent study published in March 2018, by the National ATM Council Inc., a trade association representing the retail ATM industry.

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