Citigroup Inc. ended a seven-year policy that placed restrictions on firearms sales by its retail sector clients, citing recent legislative developments and concerns over access to banking services.
The bank will no longer have a specific firearms policy, it said in a statement on its website. Citigroup had implemented the policy in 2018, following a major school shooting in Parkland, Florida.
“The policy was intended to promote the adoption of best sales practices as prudent risk management and didn’t address the manufacturing of firearms,” Ed Skyler, the bank’s head of public affairs, said in the statement Tuesday. “Many retailers have been following these best practices, and we hope communities and lawmakers will continue to seek out ways to prevent the tragic consequences of gun violence.”
Citigroup announced the policies in 2018 after a shooting at Marjory Stoneman Douglas High School in Parkland, Florida, left 17 people dead. The bank said then it would prohibit retailers that are customers of the bank from offering bump stocks or selling guns to people who haven’t passed a background check or are younger than 21. The bank’s policy included caveats, including an exemption to that age restriction if a person has military training, for example.
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