“‘High risk’ label from feds puts gun sellers in banks’ crosshairs, hurts business”
And just so we’re on the same page here, remember: gun sellers are aiding in the securing of a foundational individual right.
Gun retailers say the Obama administration is trying to put them out of business with regulations and investigations that bypass Congress and choke off their lines of credit, freeze their assets and prohibit online sales.
Since 2011, regulators have increased scrutiny on banks’ customers. The Federal Deposit Insurance Corp. in 2011 urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions. The FDIC listed gun retailers as “high risk” along with porn stores and drug paraphernalia shops.
“This administration has very clearly told the banking industry which customers they feel represent ‘reputational risk’ to do business with,” said Peter Weinstock, a lawyer at Hunton & Williams LLP. “So financial institutions are reacting to this extraordinary enforcement arsenal by being ultra-conservative in who they do business with: Any companies that engage in any margin of risk as defined by this administration are being dropped.”
A Justice Department representative said the agency is conducting several investigations that aim to hold accountable banks “who are knowingly assisting fraudulent merchants who harm consumers.”
“We’re committed to ensuring that our efforts to combat fraud do not discourage or inhibit the lawful conduct of these honest merchants,” the Justice Department said in a May 7 blog post.
Right. And if you believe that, I have a socialized health care system that will cover everyone, lower the cost of premiums, and increase the quality of health care — all while allowing you to keep your current doctor or plan if you so desire — that I’ll sell you. This is part of a pattern: hard tyranny disguised by bureaucratic edict. This is the world of Brazil.
Tyranny by any other name — “social justice,” “nudging,” “for the Greater Good,” et al — still smells as foul.
And this stinks.