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Operation Choke Point: Bank refuses credit to gun dealer for being “high risk”

May 29, 2014

 Operation Choke Point is beginning to take hold. What is Operation Choke Point? It is an initiative which is supposed to protect the people from fraud and in the process the Federal government created a list of “high risk” businesses. If a bank does quite a bit of work with a “high risk” business they risk scrutiny by the Federal government, and of course they do not want that.

  And naturally the gun industry has been put into the “high risk” category. And now this nefarious attempt to use what might be a legitimate program to implement a type of back door gun control might be starting to have its desired effect upon the gun industry.

  According to this article a longtime Massachusetts gun dealer has had his request for credit denied by TD Bank because he is “high risk.” This dealership is considered to be “high risk” not because of credit issues (which a bank would normally consider to be high risk) but because of the industry the dealer is in.

    Here is more:

Recently I applied for a line of credit and was informed I was declined,” wrote Mark Cohen, the owner of Powderhorn Outfitters, based in Hyannis, Mass.

Cohen said he and his company, founded in 1978, were longtime customers of TD Bank.

“I was told my finances were fine and history was spotless, however they could not approve me because I sell guns.”

“In lieu of taking away our guns, they are placing these labels on us in an effort to remove funding for gun manufacturing,” wrote Cohen.

    This man did nothing wrong and his credit history is reportedly spotless and yet he cannot get a loan because he is involved in a business which might be legal but is not approved of by the current Federal government.

And this is not the first time this has happened, here are a couple of more examples. The list may be short at this time but this is just the beginning. With all previous efforts at gun control being unsuccessful the Federal government is taking on the issue from another angle; they are going after the source. 

  Banks are clearly now beginning to be intimidated by the Federal government to do business with only industries with which the government approves.

16 Comments leave one →
  1. May 29, 2014 6:09 am

    Reblogged this on theThumpHouse.

    Like

  2. MaddMedic permalink
    May 29, 2014 8:36 am

    Reblogged this on Freedom Is Just Another Word….

    Like

  3. May 29, 2014 8:47 am

    Depressing is all I can say. Hard to post this stuff isn’t it.

    Like

  4. May 29, 2014 10:54 am

    Don’t blame the government for keeping an eye open for potential problems, blame the banks for judging their customers for the professions they pursue. I think if you’ve got a business account at a bank, there should be clearly-defined reasons for shutting you down – not just “aw, we don’t like your line of business.” If the business is legal, it should have clear and unfettered access to banking services.

    This reminds me of an issue when I was living in New Jersey – legislative investigations into an unwritten law about DWB – briving while black. Statistics presented at the hearings indicated that black drivers of late-model cars were more likely to be pulled over, especially in “nice” neighborhoods.

    One fellow, who drives a gold BMW, said he’d been pulled over more than 50 times driving to, from, or in his very nice subdivision. Not only did the record confirm this, it also showed he’d never been charged with anything or issued a ticket.

    There were plenty of people responding to talk radio host Jim Gearhart’s commentary on the issue, and they were nearly unanimous in their opinion that if you’ve got nothing to hide, you’ve got nothing to fear.

    Banking is a crucial component of the economy, and access to banking services is critical for any enterprise. Banks make good profits and pay minimal taxes, and also demand that we the people forgive them and give them boatloads of money when they irresponsibly send the economy into a tailspin. They shouldn’t be permitted to turn away any customer because of his or her line of work.

    Take good care and may God bless us all!

    TGY

    Like

    • May 29, 2014 6:24 pm

      But the government is who put the gun dealers in the high risk category and the banks are responding to it, in the NJ case you sited this appears to have been the actions of the cops and it cannot be condoned. And for the record I am against the if you have nothing to hide you have nothing to fear mantra. If you have done nothing wrong you should not be subjected to this, both in the case I cited and the one you did.

      Like

  5. May 30, 2014 6:44 pm

    I personally know 2 good young men wanting to open new gun shops, one in city limits and one out in the parish (Louisiana county) that are being affected by this. Both are having to dig deep in their pockets and wait longer than they had planned to get their shops open. The one in the city has already signed a lease and is having to pay rent. It’s a shame and I believe unconstitutional.

    Like

    • May 31, 2014 7:11 am

      Those example are exactly what Obama and Holder are hoping for here and it is working. This is only the beginning…..

      Like

Trackbacks

  1. Operation Choke Point: Bank refuses credit to gun dealer for being “high risk” | America’s Watchtower | Louisiana Jeff
  2. Representative introduces an amendment to cut off funding for Operation Choke Point | America's Watchtower
  3. TD Bank tries to win back gun dealer it refused credit to due to Operation Choke Point | America's Watchtower
  4. Rand Paul introduces an amendment to prevent the DOJ from using Operation Choke Point to punish gun dealers | America's Watchtower
  5. Operation Choke Point: Bank forces pawn shop to close its accounts | America's Watchtower

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