The Department of Justice has announced that it will end its Operation Choke Point initiative, launched under President Barack Obama with the intention to fight consumer fraud by denying fraudulent businesses access to banking services.
Financial trade organizations have raised concerns that the initiative could deter eCommerce development and slow economic growth. Many financial institutions also have expressed concerns that, until recently, they had not seen confirmation that the DOJ officially was discontinuing all choke point activities.
Read on to find out more about the announcement and the industry’s support for ending the choke point.