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Expert Analysis

Much More Pressure On Banks Under DOJ's 'Choke Point'

Law360, New York (June 24, 2014, 10:23 AM EDT) -- The U.S. Department of Justice recently confirmed that one of its top priorities is dropping the hammer on banks that enable consumer fraud by third-party payments processors and their clients. The effort, known as Operation Choke Point, is aimed at combating fraud by choking off fraudsters' access to the national banking system, a requirement for the operation of nearly every business whether legitimate or not. While the initiative's stated objective may be laudable, its execution — and expanding scope — has led to yet another potential landmine for banks and other depository institutions in the already heavily regulated environment in which they operate....

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