Government forcing banks to close adult film star accounts

 

Under "Operation Choke Point," the DOJ and its allies are going after legal but subjectively undesirable business ventures by pressuring banks to terminate their bank accounts or refuse their business. The very premise is clearly chilling—the DOJ is coercing private businesses in an attempt to centrally engineer the American marketplace based on it's own politically biased moral judgments. Targeted business categories so far have included payday lenders, ammunition sales, dating services, purveyors of drug paraphernalia, and online gambling sites.

"Operation Chokepoint is flooding payments companies that provide processing service to those industries with subpoenas, civil investigative demands, and other burdensome and costly legal demands," wrote Jason Oxman, CEO of the Electronic Transactions Association, at The Hill.

The theory behind this enforcement program has superficial logic: increase the legal and compliance costs of serving certain disfavored merchant categories, and payments companies will simply stop providing service to such merchants. And it’s working—payments companies across the country are cutting off service to categories of merchants that—although providing a legal service—are creating the potential for significant financial and reputational harm as law enforcement publicizes its activities.  

Thus far, payday lenders have been the most frequent target. ... And if payday lenders are today’s target–what category will be next and who makes that decision?

I'm not sure who made the decision, but it seems the next big targeted category is the adult film industry. Last week, adult film actress Teagan Presley and an unknown number of others in the porn industry received notices that their Chase Bank accounts were being abruptly terminated.

Thanks to oblongo for the find!

Read entire article ...


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Recent Comments »

Badmonkey site profile image  

4/30/14 10:26 PM by Badmonkey

Whats funny is this shit is happening on Obamas watch when everyone in the industry voted for him in the hopes of preventing crazy shit like this from happening...

de braco site profile image  

4/30/14 10:07 PM by de braco

disgusting

Jesús X site profile image  

4/30/14 9:52 PM by Jesús X

I chase, I used to have BofA and a credit union bank called WESCOM, chase charges very little fees by comparison

chaplinshouse site profile image  

4/30/14 3:11 PM by chaplinshouse

their CC dept is shit too. i have 3 of their cards i never use with 0 balances on them. they jack up your apr even when your credit scores goes up and refuse to lower.

CombatVette49 site profile image  

4/30/14 1:11 PM by CombatVette49

Fuck Chase Bank anyway.  That place is a giant piece of shit.

Entreri site profile image  

4/29/14 10:17 PM by Entreri

That is crazy. Porn stars are wonderful, prostitution is moral and wonderful (stated so in the Bible and various other holy books). Banks do business with violent governments, mob etc, but they want to exclude porn stars? LOL. The hypocrisy.

panic686 site profile image  

4/29/14 10:13 PM by panic686

We have the cfpb to regulate this stuff now. No need for doj to step in on their own authority.

panic686 site profile image  

4/29/14 10:12 PM by panic686

This

Wes_Mantooth site profile image  

4/29/14 9:58 PM by Wes_Mantooth

Obama is a horrendous joke.

Jesús X site profile image  

4/29/14 9:50 PM by Jesús X

lol some girl said I need an ATM whilst I was out on town and giggled and briefly considered providing the service for a 3 dollars fee to her and one to her bank,giggity ;-)