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except this time the owner recorded the credit union telling him why: Operation Choke Point.
The recordings are available here.
Update: The Daily Caller has updated its original story with a statement from NCUA that states that this particular incident is not part of Operation Choke Point:
Update: NCUA spokesman John Fairbanks denied that Operation Choke Point factored into the decision to close Shuetz's bank account.
"NCUA cannot comment on specifics of any matter involving credit union supervision," Fairbanks said. "NCUA does not have a policy specific to any business, nor do we instruct a credit union about what individuals or businesses it can serve. The decision to open, close or decline an individual or business account generally lies with the credit union. As the provider of insurance coverage for the accounts of nearly 100 million members in 6,500 credit unions, NCUA requires all those credit unions to evaluate risks posed by accounts and maintain the necessary capacity to effectively manage those risks."
In an email to me, Mr. Fairbanks also stated that this is a state-chartered credit union and that the state of Wisconsin is its primary regulator.
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