Citigroup Reverses Course On Controversial Firearm Policies

Authored by Naveen Athrappully via The Epoch Times,

Citigroup reversed its policy requiring retail business clients to refrain from selling firearms to those who haven’t passed background checks, the bank announced in a June 3 statement.

Citigroup instituted the policy in March 2018. It also included restricting clients from selling high-capacity magazines and bump stocks, and selling guns to individuals under 21 years of age.

That policy has now changed. In the statement, Citibank said that following “recent Executive Orders and federal legislation that impact this area … [it will] no longer have a specific policy as it relates to firearms.”

The bank said concerns were being raised about “fair access” to banking services, adding that the corporation is following regulatory developments, presidential executive orders, and federal legislation under the current Trump administration related to fair banking access.

“In light of those developments, we took an objective look at our policies and practices with the intent of striking the right balance between our commitment to fair and unbiased access to our products while continuing to manage all risks to the bank appropriately,” the bank added.

Furthermore, Citigroup said it will update the employee Code of Conduct and the Global Financial Access Policy, “to clearly state that we do not discriminate on the basis of political affiliation in the same way we are clear that we do not discriminate on the basis of other traits such as race and religion.”

The bank’s policy reversal follows President Donald Trump signing an executive order on Feb. 7 calling for a review of all policies, projects, rules, and government action under the Biden administration related to Second Amendment rights.

During the World Economic Forum annual summit in Davos on Jan. 22, Trump said entities aligned with conservative causes are being discriminated against by banks, and asked the sector to change its ways.

“I hope you start opening your bank to conservatives because many conservatives complain that the banks are not allowing them to do business within the bank, and that included a place called Bank of America,” Trump said, addressing Bank of America CEO Brian Moynihan.

“I don’t know if the regulators mandated that, because of Biden or what, but you and Jamie [Dimon, JPMorgan Chase CEO] and everybody, I hope you open your banks to conservatives because what you’re doing is wrong.”

Protecting Gun Rights

Activist group March For Our Lives criticized Citigroup’s policy reversal as a “shameful decision” in a June 3 statement.

“Seven years ago, after 17 of my peers and teachers were murdered, Citi found the courage to say ‘no more’—no more financing gun sales to teenagers. Today, they’re saying our lives matter less than their politics,” said executive director Jackie Corin.

Citigroup’s March 2018 policy came after a man killed 17 individuals at the Marjory Stoneman Douglas High School in Florida in February that year in one of the deadliest mass shooting incidents in American history.

Meanwhile, the Firearms Industry Trade Association welcomed Citigroup’s latest decision, the group said in a June 3 statement.

Lawrence G. Keane, senior vice president at the association, said they were “guardedly optimistic” about the bank’s announcement.

“We will see if this is a substantive change in policy or just a superficial change while Citigroup continues to discriminate in private beyond closed doors where it is harder for the public to detect.”

John Commerford, executive director at the National Rifle Association of America, Institute for Legislative Action, hailed the Citigroup policy change in a June 4 Instagram post.

The NRA “welcomes the news that Citigroup has rescinded its discriminatory debanking policies targeting gun manufacturers and dealers. Citigroup and other banks were pressured by left-wing activists to implement these measures in an attempt to restrict the lawful sale of firearms,” he said.

Commerford called on the Senate to pass the Fair Access to Banking Act, a law aimed at preventing financial institutions from “denying banking services to constitutionally protected services.” The bill was introduced in the House and Senate in February and is under consideration by lawmakers.