Operation Choke Point

[ClydeR]

The Justice Department's "Operation Choke Point" is said to be targeted at online payday lenders that lend into states that prohibit payday lending. But the operation is being pushed far beyond its stated objective of targeting online payday lenders violating state laws and is having potentially devastating impact on lawful check cashing and small loan businesses. This in turn will cut off tens of millions of people from much needed access to money to meet emergency needs.

More... (http://www.americanbanker.com/bankthink/operation-choke-point-way-out-of-control-1067013-1.html)


If you read the above article and this Buzzfeed article (http://www.buzzfeed.com/richardhjames/jp-morgan-chase-has-started-closing-down-porn-stars-bank-acc), you'll see that the DOJ is forcing banks to stop serving businesses that are not breaking the law but are considered to be undesirable. Legitimate function of government? Yes! Definitely. The DOJ gets five stars!

[Tgo01]

First ClydeR posts about what an idiot John Kerry is and now he's posting something negative about the federal government.

Did someone hack your account, ClydeR? You're supposed to stick to stories that make Republicans look bad!

[Gelston]

I'm happy with them annihilating payday lenders anyway they can.

[Candor]

I'm happy with them annihilating payday lenders anyway they can.

I believe Payday Lenders need to be further regulated (and I seldom state such things). If they are lending in states that prohibit payday loans for example, that obviously needs to be addressed. States should also set a maximum interest rate which makes sense. Certainly it would be more than the 29% that many credit cards charge, but three digit interest rates shouldn't be possible.