Citigroup is setting restrictions on the sale of firearms by its business customers, making it the first Wall Street bank to take a stance in the divisive nationwide gun control debate.
The new policy, announced Thursday, prohibits the sale of firearms to customers who have not passed a background check or who are younger than 21. It also bars the sale of bump stocks and high-capacity magazines. It would apply to clients who offer credit cards backed by Citigroup or borrow money, use banking services or raise capital through the company.
The rules, which the company described as “common-sense measures,” echo similar restrictions established by some major retailers, such as Walmart. But they also represent the boldest such move to emerge from the banking sector.
Since the deadly school shooting in Parkland, Fla., last month, renewed calls for remedies to firearms violence have led to sweeping consumer boycotts and unprecedented moves by corporate America to distance itself from the powerful gun lobby.
Read more in the Milwaukee Business Journal.