Citigroup has announced the reversal of its 2018 policy that restricted banking services to gun retailers who sold firearms to individuals under 21 or without completed background checks. The original policy, implemented in the wake of the 2018 Parkland school shooting, also barred retailers from selling high-capacity magazines or bump stocks.
The decision to rescind these restrictions aligns with recent federal regulations promoting “fair access” to banking services and follows pressure from the Trump administration, which criticized financial institutions for alleged bias against conservative causes. Citigroup stated that the change was made to comply with executive orders and federal legislation related to fair access.
While the move was welcomed by gun rights advocates, who view it as a step toward eliminating perceived discrimination against lawful firearm businesses, gun control supporters expressed concern over the potential implications for public safety. Jaclyn Corin, a Parkland survivor and executive director of March for Our Lives, criticized Citigroup for prioritizing politics over public safety.
Citigroup emphasized that, despite ending specific policies, it still encourages responsible firearm sales practices and will continue to work with regulators and elected officials to improve transparency and trust in the banking sector.
This policy reversal is part of a broader trend among financial institutions responding to political and regulatory pressures concerning fair access to banking services. Other major banks, including Bank of America, have faced similar scrutiny and adjusted their stances under political pressure.
The debate over the role of financial institutions in regulating access to firearms continues to be a contentious issue, reflecting the broader national conversation on gun control and Second Amendment rights.
