Today in the news it came out that CFSA and Advance America filed suit to end Operation Choke Point.  Many CAB clients have endured a direct hit and have lost their deposit accounts with banks such as Wells Fargo.

The bad news that the depository account was being closed usually came in a very bland statement like this:  “Wells Fargo is no longer doing business with companies in your industry.”  No explanation as to why, only a letter and a deadline for the CAB to make other banking arrangements.

I am pleased to see that formal legal action is being taken to terminate this tactic from being employed any longer.  See the attachments for detailed information on what Operation Choke Point is, and for more details on the suit!

CFSA and Advance America File Lawsuit To End Operation Choke PointCommitte on

Oversight and Government Reform_Staff Report_Operation Choke Point

What is your opinion on this subject?  Submit comments or contact Michael Brown of CAB Consulting at 214-293-8676, or via email at Michael@CreditAccessBusiness.com.