Skip to comments.Targeted? Gun sellers say ‘high risk’ label from feds cuts off banking options, restricts business
Posted on 05/18/2014 6:58:51 PM PDT by Up Yours Marxists
Gun retailers say the Obama administration is trying to put them out of business with regulations and investigations that bypass Congress and choke off their lines of credit, freeze their assets and prohibit online sales.
Since 2011, regulators have increased scrutiny on banks customers. The Federal Deposit Insurance Corp. in 2011 urged banks to better manage the risks of their merchant customers who employ payment processors, such as PayPal, for credit card transactions. The FDIC listed gun retailers as high risk along with porn stores and drug paraphernalia shops.
Meanwhile, the Justice Department has launched Operation Choke Point, a credit card fraud probe focusing on banks and payment processors. The threat of enforcement has prompted some banks to cut ties with online gun retailers, even if those companies have valid licenses and good credit histories.
(Excerpt) Read more at washingtontimes.com ...
How does bitcoin fix the lack of credit?
Since most firearms sales occur in person, cash or checks is a very viable option.
Curious if credit unions would be another way to go.
Democrats are thugs... and yeah - this will hurt some people, but we’ll get them back when we elect people who aren’t two bit liars, criminals and thugs.
I am not sure if Credit Unions are allowed to handle business accounts.
“I am not sure if Credit Unions are allowed to handle business accounts.”
They are indeed allowed. And that’s their bread and butter, for thriving CU’s anyway.
BitCoin is not regulated by any government. It can replace credit cards and banks. It is a disruptive technology that could end the ability of government to collect taxes. People with large quantities of BitCoin will be willing to lend them for a reasonable return on investment.
Tell them you are Muslim rebels, and the feds will give you an exemption.
sounds a bit Weimar Reichsmark-ish to me.
Not yet. But you can bet your bippy they are crafting legislation as we speak.
It can replace credit cards and banks. It is a disruptive technology that could end the ability of government to collect taxes.
It will never get that far. The ultra wealthy will not idly sit by and let someone take away their wealth and power.
They will kill first.
Had ENOUGH Yet ?
“Under the radar”
And what complete BULLCRAP labeling the firearms industry “risky”!!! TOTAL BULLCRAP. It is one of the ONLY successful growing industries in the Obamaconomy.
They can try.
Did outlawing alcohol get rid of alcohol?
Did outlawing drugs get rid of drugs?
No contradiction. It's risky FOR THEM if freedom-oriented industries thrive.
Go to all cash transactions, and tell the feds to go stick their 4473’s and FFL’s up their asses. The feds have all but declared war on any armed citizen or firearms dealer, so why continue to follow the rules of those who are dead-set on destroying you? Oh and that 2nd amendment you like to cling to is worthless in the eyes of a lawless government regime, so you can forget about hiding behind that.
This is one of many reasons why I am minimizing my economic activity until after the election. I have a huge list of things to buy online after Thanksgiving. Until then, my shopping will be an absolute minimum. The goal: starve the beast (and make it harder to lie believably that the economy is anything but terrible).
“Online tobacco retailers got hit with this a while back. They can take cash, check or money orders, but can’t take credit cards/debit cards.”
My online tobacconist takes cards.
D&R (Daughters and Ryan) have almost given up on the tobacco business because of the federal government. Good people, salt of the earth, and they are being run out of business by the feds.