Bank Admits Choking Off 3 Legal Enterprises at Government Behest

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Heritage Foundation:

SunTrust Bank is cutting ties with three types of legal businesses in the latest evidence of the Obama administration’s secretive crusade against “objectionable” enterprises.

 

SunTrust, which counts more than 400,000 small business clients, cited “compliance requirements” as its reason for closing accounts with “payday lenders, pawn shops and dedicated check-cashers.”

 

“It is consistent with long-standing industry practice to review relationships to ensure they satisfy a range of business and risk considerations,” the bank said in a little-noticed press release dated Aug. 8.

 

In the same blanket notice, however, SunTrust underlined its support for maintaining bank relationships with licensed gun sellers.

 

Gun dealers, as The Daily Signal previously reported, are among legal businesses targeted in the Justice Department-coordinated initiative known as Operation Choke Point.