The report, released Thursday by panel chairman Darrell Issa, R-Calif., accuses the Justice Department of abusing its authority by going after the payday lending industry and other merchants and working to put them out of business.
According to the report, the Justice Department “secretly” discouraged banks from conducting business with groups deemed to be “high risk,” for triggering a federal investigation.
The program, according to Issa’s report, has “forced” banks to end relationships with many legitimate businesses, in particular internet payday loan companies.
The operation is being used to target a widening list of businesses that fall under the high risk label, the report found, and could eventually be utilized to stop merchants who sell firearms, credit repair services, dating services, coins, pharmaceuticals and even magazine subscriptions from obtaining financial services from banks.
These businesses have been found by the Federal Deposit Insurance Corporation to be conducting “high-risk activity.”
Budget cut. Whatever government employees that are working on this are expendable. I’m willing to start with their managers.
