It is good news that CitiGroup is reversing course on this policy. The ban on places that don’t do a background check on all purchases only affects those people in states that allow such purchases for people who have concealed handgun permits and
Citigroup is ending a seven-year-old policy that blocked its banking services for retailers that sold firearms to buyers under age 21 and those who did not pass a background check, reversing a high-profile decision made in the weeks after the 2018 Parkland school shooting.
Citi, one of the largest banks in the country, was lauded by gun safety advocates in March 2018 when it announced its policy, which included banning retailers that sold high-capacity magazines or bump stocks, like the one used by the Parkland shooter. Other Wall Street banks soon followed suit. The shooting at Marjory Stoneman Douglas High School in Parkland, Florida, left 17 students and staff members dead.
On Tuesday, Citi reversed course, saying it would no longer have a specific firearms policy. . . .
While the original announcement by Citi was covered on March 22, 2018, Bank of America announced the same policy on April 11, 2018.
Bank of America will stop lending to manufacturers of “military-style firearms” that are sold for civilian use, a bank official revealed this week.
Anne Finucane, a vice chairman at Bank of America, announced the plans Tuesday in an interview with Bloomberg Television, saying the bank had “intense conversations over the last few months” with its gun-manufacturer clients to let them know Bank of America would no longer finance their operations.
“We have just a handful of manufacturers. They know what our intentions are,” Finucane told Bloomberg. “It’s our intention not to finance these military-style firearms for civilian use.” . . .
Click this link for the original source of this article.
Author: johnrlott
This content is courtesy of, and owned and copyrighted by, https://crimeresearch.org and its author. This content is made available by use of the public RSS feed offered by the host site and is used for educational purposes only. If you are the author or represent the host site and would like this content removed now and in the future, please contact USSANews.com using the email address in the Contact page found in the website menu.
