Welcome back to the 51st installment of my blog, in which I don’t claim to be an expert, in fact, the opposite. I’m a new user of the AR platform and want to share my findings and experiences as I go through and build rifles as well as being the Operations Manager at Tyrant Designs.
Citigroup is a bank. They are the first of the big banks to start setting up new restrictions on companies (specifically firearm retailers) that are current customers. Citigroup plans on banning its retail customers that sell bump stocks and that have customers under the age of 21.
How do they plan on doing this? By imposing certain restrictions on retailers that utilize Citigroup backed credit cards. They will also bare the selling of any high capacity magazines.
Mike Corbat, Citigroup CEO, told reporters that he himself is a responsible gun owner. He also stated that the new policies are to “respect” the rights of gun owners and keep firearms out of the wrong hands. He also said he would engage with firearm manufacturers that were Citibank customers.
The CEO also wanted to encourage other firms to find solutions to come up with more standards and push reform and change in the firearm industry. It is unknown how many retailers this would effect.
Citigroup issues more credit cards than any other bank in the world. Since the Newton shooting in 2012, Citigroup hasn’t been involved in any credit offerings for publicly traded firearm manufacturers. They will not prohibit credit card customers from shopping at firearm retailers or the buying of any prohibited items because they don’t have the technological capability to do so.
Any companies that do not want to have these restrictions imposed on them will be allowed to opt out of any contracts they have and Citibank will help them transition to another financial institution.
This news comes during an eventful week, where YouTube had announced tighter restrictions on firearm-related videos. Wells Fargo & CO took a different approach by releasing a statement summarizing their stance, which is that the only way progress will be made is through the political and legislative process. They believe this matter is better left to lawmakers and not to a publicly traded financial institution.
I for one say fine, go ahead and do that. After all its a free market. Us smart and up to date industry men/women will take our business elsewhere and in the end, Citigroup will be the one suffering. Bye Felicia.
What are your thoughts about this? If you are a Citibank customer, will you take your business elsewhere? Comment Below.