SIOUX FALLS, SD, and WASHINGTON, DC, December 12, 2017. Late yesterday, the House of Representatives passed the “Financial Institution Customer Protection Act of 2017” (H.R. 2706) by an overwhelming majority of 395 – 2. This measure is designed to end “Operation Choke Point” by preventing federal banking agencies from ordering that a depository institution terminate a customer account unless: (1) the agency has a material reason for doing so, and (2) that reason is not based solely on reputation risk.
The ATM Industry Association (ATMIA) congratulates Rep. Blaine Luetkemeyer on the passage of his bill and encourages the Senate to take similar action in this session of the legislature.
“We are still a long way from resolving this critical issue, but this is an important first step.” states ATMIA US Executive Director, David Tente. “Until the measure is signed into law, though, all ATM operators – particularly those with accounts at larger national banks – will still need to develop alternative banking relationships and take other steps to deal with the impact of OCP.”
ATMIA recently created an Operation Choke Point Resource Kit. It is being made available to both ATMIA members and non-members. Download the entire kit or just individual documents by clicking here. Additional information about ATMIA advocacy efforts is available on the ATMIA website.