June 3 (UPI) — Financial services provider Citigroup has ended its seven-year-old restrictions on financing firearms transactions.
“Our U.S. commercial firearms policy was implemented in 2018 and pertained to [the] sale of firearms by our retail clients and partners,” Edward Skyler, Citigroup’s head of Enterprise Services & Public Affairs, said in a statement posted on its website on Tuesday.
“The policy was intended to promote the adoption of best sales practices as prudent risk management and didn’t address the manufacturing of firearms,” Skyler said.
“Many retailers have been following these best practices, and we hope communities and lawmakers will continue to seek out ways to prevent the traffic consequences of gun violence.”
He said Citibank no longer has a policy regarding firearms sales in the United States.
The bank and financial services provider had restricted its services for firearms makers, sellers and resellers a month after the Marjorie Stoneman Douglas High School attack by a former student, who killed 17 students and staff in Parkland, Fla., on Feb. 14, 2018.
The restrictions required gunmakers and sellers to not sell firearms to someone who has not passed a background check; restricted sales to customers over age 21 and older; and not sell high-capacity magazines or bump stocks.
With the firearms restrictions removed, Skyler also said they are updating Citigroup’s employee code of conduct and financial access policy to state that it does not discriminate on the basis of political affiliation, just as it does not discriminate based on race, religion or other traits.
“This will codify what we’ve long practiced, and we will continue to conduct trainings to ensure compliance,” Skyler said.
“These changes reinforce our commitment to serve all clients fairly,” he added. “We will continue to work with regulators and elected officials on ways to improve transparency and trust in the banking sector.”
