Cracking Down On Fraud?

(Before It's News)

by Tim Sablik – Econ Focus, Federal Reserve Bank of Richmond

In the wake of the financial crisis, President Obama established the Financial Fraud Enforcement Task Force. Led by the Department of Justice, the task force brought together financial regulators like the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve as well as law enforcement agencies like the Federal Bureau of Investigation in an effort to increase detection and prosecution of financial fraud. In a March 2013 speech, Michael Bresnick – then executive director of the task force – outlined a strategy that has since been dubbed “Operation Choke Point.” Regulators would press banks to closely review their merchant accounts and weed out accounts held by fraudulent payment processors and other businesses in “high-risk” sectors.

Read more »

• The Big Bang (as in Bust) Theory of Markets
• The Banking Protection Racket
• Fact Check: Are British Workers Less Productive than Germans and French?
• The Jobs Most Threatened by Technological Advancement
• What Caused Crime to Decline?
• Early Headlines: End of Iraq, U.S. Gov’t Shutdown, Russian Leader Gunned Down and More
• Infographic Of The Day: Going To A Paperless Office
• Investing.com Weekly Wrap-Up 27 February 2015
• Plague Outbreaks that Ravaged Europe for Centuries were Driven by Climate Changes in Asia
• More Cyclists In A Country Means Fewer Fatal Crashes