Citigroup Reverses Course On Controversial Firearm Policies

Citigroup has reversed its policy requiring retail business clients to refrain from selling firearms to those who haven't passed background checks. The policy, instituted in March 2018, also restricted the sale of high-capacity and bump stocks, as well as guns to individuals under 21 years old. The reversal comes after recent executive orders and federal legislation that impact fair access to banking services. Citigroup cited concerns about fair access to banking services and is following regulatory developments under the Trump administration. The bank will update its employee Code of Conduct and Global Financial Access Policy to clearly state that it does not discriminate on the basis of political affiliation. The policy reversal follows President Trump's executive order reviewing policies related to Second Amendment rights. Activist group March For Our Lives criticized the reversal, while the Firearms Industry Trade Association and the National Rifle Association welcomed the decision. The NRA is calling on the Senate to pass the Fair Access to Banking Act, aimed at preventing financial institutions from denying banking services to constitutionally protected services.