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On March 22, 2018, Citibank announced an unprecedented new policy concerning its clients that sell firearms and ammunition. The bank will no longer take new clients that sell firearms to customers under the age of 21 or individuals whose background checks cannot be completed in the allotted 72 hour-period (default proceeds, aka the “Charleston Loophole”). Citibank will also cease doing business with new clients that sells “bump stocks” or high-capacity magazines that hold more than 10 rounds.
Citibank said it was aware the decision could adversely affect some of the corporation’s business, but noted, “We want to do our part as a company to prevent firearms from getting into the wrong hands.”
The potential for the gun industry’s lenders to regulate negligent sales practices in the industry via “countermarketing” techniques has long been discussed. Citibank now becomes the first major national bank to require some best practices on safety from its gun clients.
Please contact Citibank through one of the channels below and give him the following message (personalized to your liking):
Thank you so much for your decision to stop doing business with clients that fail to take basic steps to prevent firearms and ammunition from falling into the hands of violent individuals. Your new policy concerning gun companies is bold, authentic, and socially responsible and you should be proud of it. I am particularly excited about your promise to initiate talks with other finance companies to see how modern technologies might allow for better regulation at the point of sale. I know if the best minds in your industry unite around the problem of gun violence, a tremendous amount can be achieved and many lives will be saved. Thank you for your leadership. I hope the courage you have shown is soon the norm in your industry. And I hope your decision ultimately ends up benefiting your bottom line. You’ve certainly gained my support.
Phone: (212) 793-0710 or 1-800-374-9700
Once you have contacted Citibank, click the orange banner below to report taking action!