Spencer Bachus: “I thank the chairman. I thank you for convening this hearing on consumer protection and the role of the Federal Reserve.”

However, my continued concern is that the program threatens to dry up legitimate sources of credit and financing.

The intent of Operation Choke Point may have carried a purpose that we would all agree with, and that is to prevent financial fraud.

The program also can deny legitimate merchants access to financial networks they need to survive.

In a perfect world, there will be no payday lenders.