Citigroup Reverses Firearm Retailer Banking Policy
Citigroup has announced a significant policy change, rolling back its 2018 restrictions on providing banking services to retail clients involved in the sale of firearms. This decision comes amidst increasing scrutiny from lawmakers and regulators regarding fair access to banking services.
Background and Rationale
The initial policy, implemented in 2018, limited services to retail clients and partners involved in firearm sales. Citigroup cited recent regulatory developments as the primary driver for the policy reversal.
"We appreciate the concerns that are being raised regarding 'fair access' to banking services, and we are following regulatory developments," said Edward Skyler, Head of Enterprise Services and Public Affairs at Citigroup.
Changes to Code of Conduct
Citigroup will update its employee code of conduct and customer-facing global financial access policy to clearly state it does not discriminate on the basis of political affiliation. The bank emphasized that it will no longer maintain a specific policy related to firearms.
Legislative Pressure
The move follows pressure from Republican-led states concerned about perceived discrimination by banks. Varying state laws aimed at ensuring fair lending practices have also contributed to frustration within the banking industry.
