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Targeted? Gun sellers say ‘high risk’ label from feds cuts off banking options, restricts business
Washington Times ^ | May 19, 2014 00:23 GMT | Kelly Riddell

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 ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: banglist; fdic; guncontrol; guns; obama
This is like sticking your hand into the king cobra wicker basket. These commie clowns actually think putting the financial squeeze on an industry that can easily go 100% cash tomorrow is going to make a dent.
1 posted on 05/18/2014 6:58:51 PM PDT by Up Yours Marxists
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To: Up Yours Marxists
This is why BitCoin, or something like it, is an absolute necessity.
2 posted on 05/18/2014 7:00:58 PM PDT by E. Pluribus Unum ("The more numerous the laws, the more corrupt the government." --Tacitus)
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To: E. Pluribus Unum

How does bitcoin fix the lack of credit?


3 posted on 05/18/2014 7:03:35 PM PDT by Yo-Yo (Is the /sarc tag really necessary?)
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To: Up Yours Marxists
Perhaps it is time that bank customers and stockholders told banks that there is a “reputational risk” associated with doing business with the federal government?
4 posted on 05/18/2014 7:08:20 PM PDT by Robert357 (D.Rather "Hoist with his own petard!" www.freerepublic.com/focus/f-news/1223916/posts)
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To: Yo-Yo
Mostly, it is clearing credit cards. 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.

Since most firearms sales occur in person, cash or checks is a very viable option.

/johnny

5 posted on 05/18/2014 7:11:05 PM PDT by JRandomFreeper (Gone Galt)
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To: Up Yours Marxists

Curious if credit unions would be another way to go.


6 posted on 05/18/2014 7:16:46 PM PDT by HiTech RedNeck (Embrace the Lion of Judah and He will roar for you and teach you to roar too. See my page.)
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To: Up Yours Marxists

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.


7 posted on 05/18/2014 7:18:20 PM PDT by GOPJ (If dems will "death panel" our vets they'll damn sure death panel the rest of us...)
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To: HiTech RedNeck
Curious if credit unions would be another way to go.

I am not sure if Credit Unions are allowed to handle business accounts.

8 posted on 05/18/2014 7:36:15 PM PDT by OldMissileer
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To: OldMissileer

“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.


9 posted on 05/18/2014 7:45:30 PM PDT by Up Yours Marxists
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To: Yo-Yo

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.


10 posted on 05/18/2014 7:49:15 PM PDT by E. Pluribus Unum ("The more numerous the laws, the more corrupt the government." --Tacitus)
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To: Up Yours Marxists

Tell them you are Muslim rebels, and the feds will give you an exemption.


11 posted on 05/18/2014 7:57:29 PM PDT by UCANSEE2 (Lost my tagline on Flight MH370. Sorry for the inconvenience.)
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To: E. Pluribus Unum

sounds a bit Weimar Reichsmark-ish to me.


12 posted on 05/18/2014 7:58:48 PM PDT by RitchieAprile
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To: E. Pluribus Unum; Yo-Yo
BitCoin is not regulated by any government.

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.

13 posted on 05/18/2014 8:03:16 PM PDT by UCANSEE2 (Lost my tagline on Flight MH370. Sorry for the inconvenience.)
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Had ENOUGH Yet ?


14 posted on 05/18/2014 8:28:05 PM PDT by S.O.S121.500 (Had ENOUGH Yet ? ........................ Enforce the Bill of Rights ......... It's the LAW !!!)
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To: Up Yours Marxists

“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.


15 posted on 05/18/2014 8:38:23 PM PDT by Organic Panic
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To: UCANSEE2
They will kill first.

They can try.

Did outlawing alcohol get rid of alcohol?

Did outlawing drugs get rid of drugs?

16 posted on 05/18/2014 9:00:44 PM PDT by E. Pluribus Unum ("The more numerous the laws, the more corrupt the government." --Tacitus)
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To: Organic Panic
And what complete BULLCRAP labeling the firearms industry “risky”!!! TOTAL BULLCRAP. It is one of the ONLY successful growing industries in the Obamaconomy.

No contradiction. It's risky FOR THEM if freedom-oriented industries thrive.

17 posted on 05/18/2014 10:18:59 PM PDT by Still Thinking (Freedom is NOT a loophole!)
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To: Up Yours Marxists

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.


18 posted on 05/18/2014 11:11:00 PM PDT by factoryrat (We are the producers, the creators. Grow it, mine it, build it.)
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To: Up Yours Marxists

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).


19 posted on 05/19/2014 10:56:18 AM PDT by Pollster1 ("Shall not be infringed" is unambiguous.)
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To: JRandomFreeper

“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.


20 posted on 05/19/2014 12:46:40 PM PDT by VanShuyten ("a shadow...draped nobly in the folds of a gorgeous eloquence.")
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To: VanShuyten
Some got hit by it. I had several I had been doing business with that got hit by it.

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.

/johnny

21 posted on 05/19/2014 12:50:58 PM PDT by JRandomFreeper (Gone Galt)
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