House Financial Services Subcommittee Holds Hearing on DOJ's "Operation Choke Point"

The House Financial Services Subcommittee on Oversight and Investigations held a hearing in which panelists discussed "Operation Choke Point," a 2013 initiative by the Department of Justice to discourage banks and payment processors from providing financial services to merchants suspected of consumer fraud. The hearing addressed the concern that Operation Choke Point has led to banks terminating their relationships with legitimate businesses.

Witnesses at the hearing included:

• Stuart F. Delery, Assistant Attorney General, DOJ;
• Scott G. Alvarez, General Counsel, Board of Governors of the Federal Reserve System;
• Richard J. Osterman, Acting General Counsel, FDIC; and
• Daniel P. Stipano, Deputy Chief Counsel, Office of the Comptroller of the Currency.

See: Archived Webcast of the Hearing; House Committee Memorandum.