Gun Retailers Claim Federal Regulations Are Freezing Them Out of Business

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A growing number of gun retailers say they are being frozen out of business by a slew of new banking regulations imposed by the Obama White House.

The complaint stems from the Obama administration in 2011 ordering federal regulators to increase scrutiny on banks and their customers. As a result of this order, the Federal Deposit Insurance Corp. instructed that banks carefully monitor merchants who rely on payment processors such as PayPal.

Merchants who regularly employ payment processors include pornography stores, gun stores and “drug paraphernalia shops,” according to the Washington Times.

At the same time that the FDIC urged banks to reassess their relationships with so-called “high risk” merchants, the Justice Department under Attorney General Eric Holder has been busy with Operation Choke Point, a campaign to probe credit card fraud and payment processors.

So, as a result of pressure from both the Justice Department and the FDIC, some banks have chosen to cut ties with certain merchants, including gun retailers. In some cases, banks have severed ties with gun retailers despite the merchants good standing.

Read full story here

Source: The Blaze

2 comments

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  1. James Andrews

    It’s time to fight them tooth and nail. If they can’t get a loan from a regular bank, they should try the credit unions as well, or other sources. To hell with the feds, as they have become corrupt as hell. They are essentially criminals today, as they are continually violating our Constitution.

  2. Mike

    Pay attention…..NO ONE ENFORCES…..the Constitution! Not republicans and certainly not democrats. The President? The federal government is just another way of saying dictator. These people we EMPLOY have made the rest of us serfs to their whims by usurping the Constitution , interpreting the Bill of Rights, doing away with Posse Comitatus and other protections. The federal government, all of it, has become CORRUPT, feeding on the rest of us. You don’t own anything…..you rent it from one government or another……..stop paying taxes or disagree with them and see what happens…..

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