FDIC, Payday Lenders Reach Deal In 'Choke Point' Suit
Law360 (May 22, 2019, 8:45 PM EDT) -- Federal banking regulators said Wednesday that they have settled a long-running D.C. federal court lawsuit that accused major banking agencies of illegally pressuring banks to cut ties with payday lenders as part of an Obama-era initiative known as “Operation Choke Point.”
The Federal Deposit Insurance Corp. said in a statement that it had reached a resolution with payday lender plaintiffs Advance America, Cash Advance Centers Inc.; Check Into Cash Inc. and Northstate Check Exchange, which had alleged violations of their due process rights. The case dates back to 2014 and had also involved the Office of the Comptroller of the Currency,...
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