NAC Applauds U.S. House of Representatives in Vote to Halt Operation Choke Point
HR-2706 Passes 395-2
Jacksonville, FL, December 16, 2017 - The National ATM Council, Inc. (NAC) today offered its congratulations to the U.S. House of Representatives, and Financial Institutions and Consumer Credit Subcommittee Chairman, Blaine Luetkemeyer (R-MO-03), for this week’s passage of HR-2706, The Financial Institution Customer Protection Act of 2017. The bill, introduced by Chairman Luetkemeyer earlier this year, passed the House by an overwhelmingly positive bipartisan vote of 395-2.
ATM Owners, Operators & Suppliers gather at
Jones Walker offices during NAC's
"ATMs Go To Washington" initiative.
“People may think Operation Choke point is limited to payday lenders or the banks serving time, but it is not,” noted Chairman Luetkemeyer during floor consideration. “This initiative has spread to many industries, including…ATM operators…The Federal Government should not be able to intimidate financial institutions into dropping entire sectors of the economy’s customers based on personal and political motivations. It should be based on risk and evidence of wrongdoing…The importance of this bill is to codify in law for the regulators the guardrails that are necessary to keep this from happening to protect our citizens from this and many other activities by an overreach of the bureaucracy.”
NAC and its members have worked tirelessly with Chairman Luetkemeyer, Financial Services Committee Ranking Minority Member Carolyn Maloney, and numerous others in Congress, to raise awareness on the Hill regarding the serious harm being done to our nation’s Independent ATM industry from the ongoing impacts of Operation Choke Point (OCP).
“NAC thanks the House for taking decisive action to permanently end OCP. Passage of HR-2706, on a virtually unanimous and bipartisan basis, underscores the need to immediately root out and end all lingering effects of OCP, including the ongoing un-American blackballing of entire industries, such as the Independent ATM business, from access to the U.S. banking system,” said NAC Chair George Sarantopoulos.
Chairman Blaine Luetkemeyer meets
“NAC commends this week’s House action and we will now be working to urge prompt passage of HR-2706 by the U.S. Senate,” said Bruce Renard, Executive Director for NAC. "In the process, we will continue our ongoing outreach to Congress, bank regulators, and financial institutions to ensure that the end of OCP truly means restoring reasonable access to bank accounts for America's Independent ATM providers. Such access is essential for these companies to continue providing convenient access to cash for urban and rural communities throughout America."
Most ATMs in the U.S. today are provided by Independent ATM providers, with many terminals providing the only means of ready access to cash for thousands of communities and millions of citizens across our nation.
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