“It’s frightening the way the government can come in and say you don’t have a right to exist and shut off your funding,” he said.
“It’s arbitrary and capricious.”
Gun Seller Dropped By Bank Rejects Their Attempt ‘To Kiss And Make Up’
A Massachusetts gun store owner says it’s “too late” for a bank to mend a relationship that it broke.
Mark Cohen, who owns Powderhorn Outfitters, a Hyannis, Mass. gun retailer, said that his longtime bank, TD Bank, refused to extend a line of credit because of the business he is in.
Cohen explained what happened in an interview with The Daily Caller on Friday.
“This year I went to apply for a line of credit, and the bank manager came by the store,” said Cohen, adding that he’s known the bank manager for over 20 years.
“Mark, I apologize,” she said, according to Cohen, “your credit history is great, but the bank is turning you down because you sell guns.”
Cohen told his friend and lender that he would have no choice but to close his accounts with the bank since they couldn’t provide the services his company needs.
He then sent an email blast to his 5,000-plus email list and wrote a blog post for the website Northeast Shooters. The Washington Times first reported the story.
Cohen believes that TD Bank didn’t want to do business with his gun store because of a government initiative called Operation Choke Point.
Operated under a cloud of secrecy by the Department of Justice and in coordination with the Federal Deposit Insurance Corporation, Operation Choke Point forces banks to keep a closer eye on companies in industries that are deemed “high risk”, including gun and ammunition dealers, coin dealers, payday lenders, and debt consolidation service providers.