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Rep. Luetkemeyer Introduces Bill to End Operation Choke Point

Rep. Blaine Luetkemeyer [R-Mo.] has proposed legislation aimed at finally putting an end to Operation Choke Point by establishing a clear set of guidelines under which a federal regulator can order a financial institution to close the accounts of a client. Rep. Luetkemeyer has been a vocal opponent of Operation …

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CFPB Fines USAA $15.5 Million For Stop Payment Issues


The Consumer Financial Protection Bureau assessed $15.5 million in fines and penalties against USAA Federal Savings Bank yesterday for allegedly failing to honor requests from customers to stop payments on preauthorized electronic funds transfers and failing to initiate and complete error resolution investigations. It was the agency’s first public enforcement …

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