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Posts Tagged banking
Texas Law Could Oust Bank of America and Citi From State
From Bloomberg:
The legislation, Senate Bill 19, would block government entities from contracting with banks and other financial services providers that have policies that restrict business with the firearms industry. Under the bill, companies with 10 employees or more seeking a government contract worth at least $100,000 would have to verify in writing that they do not have a policy or directive that “discrimina
Wyoming Targets Anti-Gun Banking With New Law
From Bearing Arms:
Laws like these need to be replicated throughout the land. Since the federal government has done little to offer up the proper protections to industry members from being discriminated against, freedom oriented states are stepping up to the plate and swinging for civil rights. How Operation Chokepoint has not been subject to a RICO level scrutiny escapes me, as well as the continued chill since the formal dissolution of the program. The fact of the matter is these practices are illegal, as they are creating different classes of people and businesses, refusing to serve “those people”.
Senator Suggest That Banks Lose FDIC Insurance If They Discriminate Against Gun Businesses
From The Truth About Guns:
And these are legal commerce. These are profitable companies. I’m just saying that you can’t discriminate that way if you’re an FDIC bank. And if you do, you should probably lose your insurance.
Biden To Reverse Fair Banking Rule?
From Guns.com:
“There’s no reason for today’s action by career officials in the Office of the Comptroller of the Currency other than bending to political pressure from big banks and stalling or eliminating the rule will not stop the efforts of those of us who support it from continuing these efforts,” said U.S. Sen. Kevin Cramer R-N.D., who sits on the Senate Banking Committee. “The Biden Administration should use this opportunity to demonstrate leadership and not just be puppets for the large financial interests who back them.”
The Fight Against Financial Censorship
From The Electronic Frontier Foundation:
On Thursday, the Office of the Comptroller of the Currency finalized its Fair Access to Financial Services rule, which will prevent banks from refusing to serve entire classes of customers that they find politically or morally unsavory. The rule is a huge win for civil liberties, and for the many sectors who have found themselves in the bad graces of corporate financial services, like cryptocurrency projects, marijuana businesses, sex worker advocacy groups, and others.
Bill To Require Suspicious Gun Purchases
From Reason:
Rep. Jennifer Wexton’s (D–Va.) “Gun Violence Prevention Through Financial Intelligence Act” would require the Financial Crimes Enforcement Network (FinCEN) to “request information from financial institutions for the purpose of developing an advisory about the identification and reporting of suspicious activity.” The bill’s aim is to identify a consistent purchasing pattern among people who buy firearms and firearm accessories in order to conduct “lone wolf acts of terror” and expose how the firearms market in the United States is exploited by would-be mass shooters.
Evidence New York Violated NRA’s Free Speech
From Breitbart:
In June of 2019, the NRA achieved a breakthrough: in an attempt to negotiate resolution of the NRA’s pending subpoena, Lloyd’s America, Inc. (“LAI”) provided a small number of documents voluntarily to the NRA, subject to a strict confidentiality order. Those documents, and additional details which have come to light since that time, paint a stark and troubling picture of Defendants’ conduct. As described in the NRA’s proposed amended pleading, former DFS Superintendent Vullo was fully aware of identical market conduct by non-NRA entities, yet leveraged DFS’s considerable power over Lloyd’s to inflict harm on “gun programs”—irrespective of whether those programs violated the law. These threats were delivered in off-the-record conversations and surreptitious backroom meetings. Taken aback by such conduct, insurance- industry insiders, including Lloyd’s, privately predicted that the NRA would sue DFS. They were right.
NJ Now Going After Banks That Do Business With Gun Industry
From The New York Times:
New Jersey intends to stop doing business with gun manufacturers and retailers that fail to adopt policies, like conducting background checks, to stop guns from falling into the wrong hands, becoming the first state to take such stringent action against the firearms industry.
The state will also apply pressure on major financial institutions, seeking information from banks that do business with New Jersey about their relationships and policies involving gun makers and sellers.
Lawmakers Continue To Go After Banks
From Forbes:
State legislatures, however, are finding ways to pressure banks. Recently, California Assemblywoman Sydney Kamlager-Dove (D-Los Angeles) introduced a resolution to urge “banks that have open demand accounts with the state to evaluate their relationships with gun manufacturers and adopt lending practices that protect citizens before profits.” The resolution states the California has “demand accounts with six banks that concurrently lend to gun manufacturers, which are Bank of America, Citibank, JPMorgan Chase & Co., Union Bank MUFG, U.S. Bank, and Wells Fargo & Co.” According to Kamlager-Dove, “California has more gun laws than any other state in the union.” Hence, instead of proposing new laws, Kamlager-Dove’s resolution “intends to affect the proliferation of guns by urging six nationally chartered banks to curtail their relationships with gun manufacturers. If major banks refuse to extend credit to gun manufacturers, borrowing costs for gun manufacturers would likely increase, which could reduce industry investment in additional capacity or new business lines.” Moreover, “such a result could reduce the proliferation of guns not only in California, but also across state lines.”
Citigroup Continues To Discriminate Against Gun Industry
From The Federalist:
Citigroup’s getting asked some hard questions about the fiscal sanity of their decision to discriminate against firearms businesses, and their answers aren’t likely to soothe investors.
Justin Danhof, general counsel for the National Center Public Policy Research and Free Enterprise Project, posed a simple question in a shareholder meeting: “Can you tell us—your investors—exactly how much money we stand to lose because of this decision, and explain why you have this right while Warren Buffet has this wrong?”
Dem Pressures Bank CEO To Do More On Guns
From Yahoo News:
However, Maloney’s tone shifted when she directed her questions to Dimon. The congresswoman referenced Dimon’s widely read annual letter released last week in which he wrote about JPMorgan having to sometimes turn down clients “with low character” as a way to be a “responsible” bank.
Maloney used excerpts of the letter to grill Dimon, saying that “actions speak louder than words on guns…[and] from what I can tell, these are just words to you.”
Bill Introduced To Protect Gun Industry Access To Financial Services
From Guns.com:
The proposal, SB 821, was crafted to keep large financial institutions from denying service to constitutionally-protected industries involved in lawful shooting sports. Introduced by North Dakota Republican U.S. Sen. Kevin Cramer last week, U.S. Sen. John Kennedy, R-La, has signed on as a co-sponsor.
NYT Wants Credit Cards To Discriminate Against Gun Owners
Crypto Currency For Guns
From Bearing Arms:
Rob McNealy, OCC’s Cofounder, said: “As gun owners, and ardent defenders of the right to self-defense, we know that the gun industry is constantly under attack. We wanted to create a gun-centric crypto to act as a “continuity of business” payment system for gun retailers. Due to their decentralized nature, blockchain technology and cryptocurrencies simply can’t be shut down by “activist” banks.”