The chairman is correct. Section 107 was designed and implemented to give the Federal bank regulators flexibility in implementing the national registry. And it is the intention of the committee, of the entire committee, that, as they do this implementation, that they give proper consideration to its impact on small financial institutions, smaller impact, and that they try to minimize that impact.
Discussing the implementation of Section 107 related to the national registry and its effects on small financial institutions.
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Again, I thank the chairmen, the ranking members, and their staff for putting this together. The resolution process for financial institutions is one of the pieces of unfinished business from the 2008 financial crisis, and we will finish…
The intent of Operation Choke Point may have carried a purpose that we would all agree with, and that is to prevent financial fraud.
But in fact in 4 it says, documents sufficient to identify payment processors or merchants or clients that experienced a return rate of 3 percent or greater in any 1-month period.
I cannot stand by and support legislation that would dismantle government and a century of progress under the guise of symmetrical enforcement.
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