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OCC statement on end of 'Choke Point' suit
Yesterday, the OCC released a statement on the dismissal of the long-running lawsuit alleging regulatory pressure on banks to close payday lender bank accounts. In its statement, the OCC (one of the defendants in the action) said that the OCC did not participate in "Operation Choke Point" or any purported conspiracy to force banks to end the bank accounts of the plaintiffs or other payday lenders, and that the agency had not entered into the settlement agreement recently announced by the FDIC.