As previously reported, AMOA’s Emily Dunn and Lori Schneider rushed to D.C. on June 8 to fight against unjust oversight and closures of AMOA member accounts due to Operation Choke Point.
The duo returned on June 22 with two operators who had been directly affected by Choke Point, and during a round table discussion with three Republican House members (Bob Goodlatte, Blaine Luetkemeyer and Darrell Issa), these victims of financial oversteps shared their stories.
During the meeting, Congressman Luetkemeyer acknowledged that he had re-introduced legislation to restore balance between financial institutions and regulators and protect private industry from bureaucracy. H.R.766 or the Financial Institution Customer Protection Act of 2016 was introduced by Luetkemeyer in 2015; it passed the House in 2016.
The bill would dictate that agencies such as the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of Currency, among others, would be restricted from ordering financial institutions to terminate a banking relationship unless the regulator has material reason. The Congressman and AMOA encourage everyone to continue to share their experiences and any supporting information relating to Operation Choke Point. Email [email protected] to make your voice heard.
AMOA has scheduled a webinar for July 10 to update members. During the session, AMOA’s counsel Dentons will share information about setting up appointments with legislators and share talking points to make the most of this grass roots effort.