WASHINGTON • Two bills written by Rep. Blaine Luetkemeyer designed to peel back Obama-era financial regulations passed a legislative hurdle Thursday, and now go onto the full U.S. House for consideration.
Luetkemeyer, R-St. Elizabeth, chairs the House Financial Service subcommittee on financial institutions and consumer credit. Both bills passed the full committee.
One, the “Financial Institutions Consumer Protection Act,” is aimed at “Operation Choke Point,” an initiative of President Barack Obama’s administration that Luetkemeyer, and other critics, have long opposed. The initiative was aimed at payday lenders and other third-party processors that provide services to industries that pose a risk to the institutions’ reputations.
Attorney General Jeff Sessions announced in August that he would end the program.
DOJ and bank regulator program Obama aimed at payday lending and at banks and other third-party processors providing services to industries that may pose a risk to the institutions’ reputations.
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