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FDIC Played Little Role in Operation Choke Point Controversy: OIG

By Colby Adams

The Federal Deposit Insurance Corp. did not play a substantive part in the U.S. Justice Department's controversial crackdown on third-party payment processors, the agency's watchdog office said Thursday. The regulator's Office of Inspector General (OIG) said that its review of the communications between five current and former FDIC agency officials and federal investigators found that the agency's involvement in Operation Choke Point had been "inconsequential." Legislators last year requested the review to determine if the FDIC and federal investigators had improperly cooperated to pressure banks serving the companies. In a letter, the 35 lawmakers also suggested the five individuals had...

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