House Financial Services Committee Chairman Jeb Hensarling andother committee leaders have asked the NCUA and the CFPB to ceaseany enforcement of Operation Choke Point.

The lawmakers requested that the agencies publicly disclaimtheir past, present and future involvement in Operation Choke Pointor any similar operation. The agencies were asked to clarify theirpolicy for documenting and reporting orders to financialinstitutions regarding the termination of deposit accountrelationships. Lawmakers also requested a notice in writing fromeach agency to confirm that employees have been notified about thepolicy.

“The Financial Services Committee will continue to investigatethis matter,” the letter to the NCUA read. “Your proactive effortsto require your staff to follow similar guidelines as those issuedby the FDIC would help demonstrate to Congress, the public, and thefinancial institutions that you regulate that the National CreditUnion Administration takes seriously the need for transparency andfairness in examinations.”

Similar letters were also sent to the Federal Reserve and theOffice of the Comptroller of the Currency. House Financial ServicesOversight and Investigations Subcommittee Chairman Sean Duffy (R-Wis.), who also signed the letters, recentlygrilled FDIC Chairman Martin Gruenberg over the operation.

“The bottom line is, you're putting people out of business andall of the people in the FDIC who are implementing this program,they still work there,” Duffy said. “They haven't been fired. Theyhaven't been reprimanded and you're the chairman and frankly, I'vegot to tell you, if you're not going to hold them accountable, Ithink the buck stops with you. I don't think you should chair theFDIC.”

Mike Schuetz, owner of Hawkins Guns LLC in Wisconsin, claimedthe $272 million Heritage Credit Union in Madison, Wis. closed hisaccount due to Operation Choke Point. Schuetz, who lives in Duffy'sdistrict, recorded a conversation with a branch manager who saidthe credit union was being pressured by regulators. Heritage's CEO told CU Times the account was closedfor different reasons.

NCUA Public Affairs Specialist John Fairbanks has said the NCUAis not involved in Operation Choke Point.

In response to a poll, a majority of CU Times' readers said they think the NCUA is pressing credit unions tofollow Operation Choke Point standards.

Capital Markets and Government Sponsored EnterprisesSubcommittee Chairman Scott Garrett (R-N.J.), FinancialInstitutions and Consumer Credit Subcommittee Chairman RandyNeugebauer (R-Texas), Housing and Insurance Subcommittee ChairmanBlaine Luetkemeyer (R-Mo.) and Monetary Policy and TradeSubcommittee Chairman Bill Huizenga (R-Mich.) also signed theaforementioned letters.