Articles tagged with: Enforcement
“Despite admissions of wrongdoing by major banks, the many victims of this fraud – from governments to pension funds to smaller banks – have yet to be compensated for their losses. With today’s ruling, they have a better chance to recover the money wrongfully taken from them by a group of the world’s largest banks.”
On behalf of Americans for Financial Reform, we urge you to oppose Senator Crapo’s Amendment 19 to Senator Shelby’s regulatory reform bill scheduled for mark-up today, May 21. The amendment would prohibit the banking agencies from implementing or participating in the Department of Justice’s Operation Choke Point.
“The undersigned civil rights and consumer organizations urge you to oppose any measures to restrict the Department of Justice’s Operation Choke Point or bank regulator efforts to prevent money laundering and payment fraud. In particular, H.R. 766 (Luetkemeyer), the Financial Institution Customer Protection Act of 2015, H.R. 1413 (Luetkemeyer), the Firearms Manufacturers and Dealers Protection Act 2015, and similar bills would make it harder for government agencies to protect the public. In these days of escalating data breaches, terrorism threats, and internet fraud, we need to encourage, not discourage, efforts to deprive criminals of access to the banking system.”
AFR and seven organizations sent a letter to Senators urging opposition to oppose Senator Inhofe’s amendment 384 to the budget resolution, which would restrict the Department of Justice’s Operation Choke Point or bank regulator efforts to prevent money laundering for terrorists and drug dealers. Operation Choke Point is focused only on banks that help scammers and other illegal activity, and Congress should not hinder these critical activities.
If federal regulations and ethical standards for pension fund asset managers are to have “any meaning,” the Department of Labor must not give Credit Suisse a waiver, say AFR and the AFL-CIO in a joint statement.
“Americans for Financial Reform urged members of Congress to allow Operation Choke Point and other oversight of payment fraud to continue. ‘Banks are not always aware that they are being used to facilitate illegal activity,’ their July 15 letter said. ‘But when they choose profits in the face of blatant signs of illegality, they become an appropriate target for enforcement action.’”
Testifying before a House Financial Services subcommittee on July 15, Lauren Saunders of the National Consumer Law Center warned against measures that “would undermine important efforts underway at the Department of Justice and banking regulators …
In CQ, reporter Ben Weyl quotes from a joint AFR/CFA/NCLC letter to Senators: “Fighting payment fraud should not be controversial. Everyone benefits from efforts to stop illegal activity that relies on the payment system.” As Weyl goes on to note, “Conservative activists and GOP lawmakers have accused the Obama administration of pursuing law-abiding businesses that cross the administration’s agenda, including gun sellers.” But the known investigations launched in the name of Operation Choke Point have all been directed at out-and-out-fraud.