Under the Dodd-Frank Act, the Consumer Financial Protection Bureau (CFPB) can issue a cease-and-desist order to shut down any business at any time, preventing the business from re-opening until either the government gives its approval or a court ruling is issued. Due to the usual slow movement of bureaucracies and legal wrangling, businesses cannot typically survive such a long wait. According to moonbattery.com, the Department of Justice (DOJ) is trying to choke off firearms dealers by encouraging financial institutions to close bank and merchant accounts connected to these businesses through its Operation Choke Point. In addition, MHProNews understands a bulletin from the Federal Deposit Insurance Corporation (FDIC) lists gun shops as possibly disreputable merchants alongside Ponzi and get-rich schemes. In 2012 Bank of America allegedly told McMillan Firearms Manufacturing that its business is no longer welcome, and McMillan subsequently closed its accounts after 12 years of banking with B of A.
Jason Oxman, CEO of Electronic Transactions Association, says Choke Point is also targeting ammunition sellers. He says the DOJ is threatening banks with subpoenas and investigative demands in order to help shut down firearms businesses. Osman: “Payments companies across the country are cutting off service to categories of merchants that – although providing a legal service – are creating the potential for significant financial and reputational harm as law enforcement publicizes its activities.” ##
