On August 21, 2017, Keith Noreika, the Acting Comptroller of the Currency, sent a letter to Jeb Hensarling, the Chairman of the House Financial Services Committee, stating that the Office of the Comptroller of the Currency (“OCC”) is not, and never was, a part of Operation Chokepoint, and that Operation Chokepoint is not the policy of the OCC. Acting Comptroller Noreika sent the letter in response to a request from Chairman Hensarling that the OCC issue a formal repudiation of Operation Chokepoint.
In rejecting Operation Chokepoint, Acting Comptroller Noreika wrote that “the agency rejects the targeting of any business operating within state and federal law as well as any intimidation of regulated financial institutions into banking or denying banking services to particular businesses.” Acting Comptroller Noreika also stated that the OCC “expects the banks it supervises to maintain banking relationships with any lawful businesses or customers they choose, so long as they effectively manage any risks related to the resulting transactions and comply with applicable laws and regulations.”
Continue Reading The OCC Rejects Operation Chokepoint in Letter to Chairman Hensarling