Posts Tagged banks

Texas To Stop Business With Citigroup Over ESG, Gun Rights

From Bearing Arms:

Citigroup says it’s doing everything right, but Texas says it’s not.

However, in a statement, the NSSF notes that Citigroup’s own website tells a completely different story.

“Their own website, however, demonstrates that the corporate bank refuses business with firearm businesses that do not comply with their unconstitutional restrictions,” the statement reads, noting that the bank requires things such as bump stock bans, age-based restrictions, and magazine restrictions.

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Citigroup Caves To Texas On Gun Stance

From The Truth About Guns:

Citigroup took a key step to restart its public-finance operations in Texas by submitting a letter last month verifying its compliance with the new law.

The bank sent a so-called standing letter to the Texas Attorney General’s office, a requirement for banks if they want to do business with Texas and its local governments after the legislation took effect.

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States Fighting Back Against Anti-gun Banks

From The Truth About Guns:

JP Morgan Chase is the largest bank in the country with a balance sheet of nearly $3 trillion dollars. That didn’t stop Louisiana’s top attorney from sending the bank’s CEO Jamie Dimon a letter stating, “I do not believe the state of Louisiana is best served by doing business with companies that attempt to profit from the State while denying its citizens the ability to exercise their constitutional rights.”

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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.

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Stop Using Credit Cards To Buy Guns

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.

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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.”

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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.

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Finance As Gun Control

From National Review:

Waters’s Democrats are going to pressure banks, credit unions, and payment companies to severely curtail and even terminate their relationships with firearm manufacturers, licensed gun retailers, and law-abiding citizens exercising their right to purchase and own firearms. In other words, they will use political pressure to force private institutions into creating social policy that threatens constitutional rights.

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Bank Cancels Gun Accounts

From The Truth About Guns:

Representatives from Fifth Third Bank visited Spike’s Tactical, a Florida-based firearm manufacturer, last Tuesday to inform them that the bank was discreetly planning to exit the banking sector for gun-related businesses.

According to Spike’s Tactical co-owner Angela Register, the bank representative informed her and their chief financial officer that their business line of credit would not be renewed and encouraged them to find a new bank to hold their accounts, even mentioning that their commercial mortgage should be transferred or it could potentially be called early.

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Louisiana Punishes Banks For Anti-Gun Stance

From The Washington Times:

A Louisiana commission voted Thursday to block two banking giants from taking part in a new highway project, moving to punish the companies for gun control policies they adopted after the Parkland, Florida, school shooting this year.

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Banks Continue Discriminating Against Gun Businesses

From Yahoo:

In the wake of high-profile mass shootings, corporate America has been taking a stand against the firearms industry amid a lack of action by lawmakers on gun control. Payment processing firms are limiting transactions, Bank of America stopped providing financing to companies that make AR-style guns, and retailers like Walmart and Dick’s Sporting Goods imposed age restrictions on gun purchases.

The moves are lauded by gun-safety advocates but criticized by the gun industry that views them as a backhanded way of undermining the Second Amendment. Gun industry leaders see the backlash as a real threat to their industry and are coming to the conclusion that they need additional protections in Congress to prevent financial retaliation from banks.

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McMillan Merchant Solutions

The company that revolutionized stocks has started a credit card processing company. The new company was created after McMillan‘s bank account at Bank of America was abruptly cancelled without explanation.

More information can be found in this article from World Net Daily.

McMillan Merchant Solutions

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