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  • Is Operation Choke Point to blame for bank account closures?

    first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Lauren SaundersPawn brokers, payday lenders, gun dealers, and others claim that the Department of Justice’s Operation Choke Point and bank regulator pressure are forcing banks and credit unions to close the accounts of legal businesses. But most of those account closures have more to do with the Bush Administration’s 2001 USA Patriot Act than with Operation Choke Point. Banks also close accounts all the time for a variety of other reasons.Complaints about bank account closures and “de-risking” go back a decade, to implementation of the post-9/11 reforms to deny criminals access to the banking system.The National Pawnbroker Association is now blaming Operation Choke Point. But in 2006, pawnbrokers were complaining to the Financial Crimes Enforcement Network (FinCEN) about the Patriot Act and related anti-money laundering efforts: “Pawn industry members have lost longstanding lines of credit as well as demand deposit relationships in most parts of the country since 2004.”FiSCA, the trade association representing many check cashers, money transmitters, and payday lenders, had the same complaint in 2006: “For the past six years banks have been abandoning us – first in a trickle, then continuously accelerating so that now few banks are willing to service us ….” continue reading »last_img read more

  • NBA free agency news: Marc Gasol exercises option, returning to Raptors

    first_imgThe Raptors may, or may not, be able to entice Kawhi Leonard to re-sign, but one key piece of their championship team is returning.Center Marc Gasol is exercising his $25.6 million option and will return for next season, the team announced Wednesday. On the free agent front, Leonard has already reportedly opted out of his contract and will become an unrestricted free agent, although Toronto hopes to re-sign the two-time NBA Finals MVP. Guards Danny Green, Jodie Meeks, Jeremy Lin, and forward Eric Moreland are also UFAs.  Related News The team has reportedly tendered a $1.8 million offer to restricted free agent Patrick McCaw. The Raptors announce Marc Gasol will return to Toronto after exercising his $25.6M player option for next season. pic.twitter.com/I4nMZN8zq3— NBA TV (@NBATV) June 26, 2019The 7-1 center averaged 13.6 points, 7.9 points and 4.4 assists per game last season, splitting time between Memphis and the Raptors, who acquired him in a deal in February. He averaged 12 points and 7.3 rebounds per game in the NBA Finals as the Raptors knocked off the Warriors for their first NBA title. Kawhi Leonard free agency: What the Raptors can do if star leaves Raptors president Masai Ujiri: I’m staying with Toronto Kawhi Leonard free agency rumors: Danny Green thinks there’s a ‘higher percentage’ star stays with Raptorslast_img read more