Adding to the Pile: Citigroup Restricts Firearms Business

Joining with YouTube, Reddit, and Kroger, Citigroup announced new restrictions regarding firearms. Via their blog, Citigroup laid out their new arbitrary policy:

…our new policy centers around current firearms sales best practices that will guide those we do business with as a firm.

Under this new policy, we will require new retail sector clients or partners to adhere to these best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines. This policy will apply across the firm, including to small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label. It doesn't impact the ability of consumers to use their Citi cards at merchants of their choice.

We know our clients also care about these issues and we have begun to engage with them in the hope that they will adopt these best practices over the coming months. If they opt not to, we will respect their decision and work with them to transition their business away from Citi.

We have few relationships with companies that manufacture firearms. For those that do, we will be initiating due diligence conversations on the subject to better understand what products they make, what markets and retailers they sell to and what sales practices those retailers follow to ensure adherence to the best practices outlined above. This same due diligence screening will apply to potential clients going forward.

We're curious where they got their information regarding, “firearms sales best practices” but it's a safe bet it didn't come from anyone who would otherwise support the Second Amendment. Regarding what they consider “high-capacity” also remains to be seen, though we're betting they mean something more along the lines of California or New York law, as opposed to magazines over standard capacity.

Of course, we can always expect big banks to do the right thing, right? Oh. Wait.