OCP Bill Passes House of Representatives
I am delighted to share with you the news that Congressman Luetkemeyer’s bill to stop Operation Choke Point, the Financial Institution Customer Protection Act of 2015 (H.R.766), has passed the House of Representatives.The bill passed by a vote of 250-169.
This is a major win for our industry as this legislation puts us one step closer to officially ending Operation Choke Point.The mere fact that the House of Representatives spent several hours talking about Operation Choke Point is a major victory in our efforts and showcases what the Justice Department and the federal banking regulators undertook.
Our lobby team will now turn their focus to the US Senate. When you come to Washington for the Spring Summit, we will continue to press for the enactment of H.R 766 and strengthen our efforts to educate Congress about the CFPB efforts related to the small dollar rule.
Thanks to all OLA members who have communicated with Members of Congress during the process of moving this bill forward.