Breaking – The Department of Justice is dismantling its Operation Choke Point program which targeted some high risk merchant accounts and shut them down. This reversal will hopefully lead to more banks opening up to more high risk businesses. This program that started in 2013 essentially choked a businesses ability to get credit card processing in hopes of catching some illegal activity. But it also shut down whole industries that were perfectly legal, thus causing all the controversy. The elimination of this program by the DOJ is a great first step for high-risk merchants seeking processing.
However, the Consumer Financial Protection Bureau (CFPB), which has no Congressional oversight, appears to still want to put pressure on banks. The CFPB’s supervisory powers allow it not only to investigate banks that deal with certain businesses, but also to instruct them not to tell anyone about it. Eliminating this agency would be the finial nail in the coffin for Operation Choke Point.
If there are any updates to this story Limitless will post it on our blog and continue to update merchants as news breaks.
Despite these obstacles, Limitless is still getting high risk merchant accounts for our customers! Limitless will secure you with a reliable high risk merchant account for all legal industries!
We never rush our merchants off the phone and we are available day or night. In fact, we are open 24 hours a day 7 days a week for all your high risk merchant account needs. We are 100% committed to getting our customers approved quickly and easily. So give us a call us at (800) 971-6221 or use the easy apply now form on this page because at Limitless WE CARE ABOUT YOU!