May 19, 2014

“‘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.

Washington Times:

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.

Posted by Jeff G. @ 2:43pm
6 comments | Trackback

Comments (6)

  1. Any companies that engage in any margin of risk as defined by this administration are being dropped.

    Because “as defined by this administration” is always the hallmark of what is right, proper and moral, anywhere, everywhen.

    I can’t wait to see it get turned on abortion clinics, the Tides Foundation and George Soros when the pendulum swings the other way. I’m sure the shouts of outrage will be drowned by the peals of “Ha-ha”, a la Nelson Muntz.

  2. To banks, “You must not have these people as customers.”

    To bakers and photographers, “You must have these people as customers.”

    The stink of the fascist pervades all.

  3. Banks have become dangerous traps for the free citizen. Anymore, they are simply branch offices of Obama’s Federal Government.

    Just a couple of eye openers:
    1. If you withdraw a large sum of cash (upwards of $500) from your Chase Bank account (for example), you immediately become a Police suspect in local drug crimes. Cash is becoming ‘illicit’ to our new Mandarins.
    2. If you apply for a credit card at Chase Bank or Bank of America, the income you report in your application will be shared with Federal revenuers to be matched to your prior tax return. If there is a discrepancy it may cause you to be audited. These banks are not your friends.
    3. If you utilize a bank loan to finance a home construction project, you forfeit your personal discretion when choosing insurance coverage-limits, determining your permit regime, and – after you roll the loan into a conventional mortgage, deciding your residency patterns. All under threat of penalty of default.

    They. Are. Not. Your. Friends.

    The base rationale for conventional banking is that these enterprises “protect” their clients’ monies from theft. But, weigh this purported benefit against the dangers to privacy, property and reputation that our captured banks pose (and against the fact that your money is lent, granted or spent by the bank as soon as it is deposited), and that fire-proof home safe I saw at Costco starts to look like the better bet.

  4. That’s great, steve. Say, you wouldn’t happen to have a couple of hundred grand Jeff can use for his new house? I’d hate to see him and the missus left at the hands of the banksters…

  5. 1. If you withdraw a large sum of cash (upwards of $500) from your Chase Bank account (for example), you immediately become a Police suspect in local drug crimes. Cash is becoming ‘illicit’ to our new Mandarins.

    So at what point do we start seeing $100 and $50 notes being taken out of circulation? Maybe even twenties?

    After all, less cash, less crime and all that…

  6. Greetings:

    I was watching a program on the local Progressive (née Public) Broadcasting System station last evening. I was about a tunnel the British and Americans had dug from West Berlin to East Berlin in the ’50s in order to tap Commie phone lines. The effort was betrayed by a Brit, George Blakely by name if I remember correctly, to his Soviet handlers because of his personal need for social justice.

    None so blind, etc.

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