Federal regulators have backed away from pressuring banks to stop doing business with legal enterprises that the Obama administration labeled “high risk” — including selling guns, making payday loans, and trading in rare coins.
Late last month, the Federal Depositors Insurance Corporation told banks that it had removed a list of 30 examples of “high risk” activities from the agency’s website, stating its list had “led to misunderstandings.”
By “misunderstandings,” FDIC apparently meant that its guidance led to sudden decisions by banks across America to close accounts with customers that fell under any of the listed categories.
More...
The Heritage Foundation is the nation’s most broadly supported public policy research institute, with more than 453,000 individual, foundation and corporate donors. Heritage, founded in February 1973, mission is
to formulate and promote conservative public policies based on the principles of free enterprise, limited government, individual freedom, traditional American values, and a strong national defense.
