Citigroup on Tuesday ended a seven-year-old policy restricting how it provides banking services to firearm manufacturers, sellers and resellers.
The bank launched the policy in March 2018 after a teenage gunman killed 17 people and injured more than a dozen in a mass shooting at Marjory Stoneman Douglas High School in Parkland, Florida, on Feb. 14 that year.
Citi said at the time that it would require clients to “adhere to these best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines.”
The bank’s policy applied only to its business clients, ranging from small businesses to Fortune 500-sized companies. It did not restrict how Citi’s personal banking customers used their cards. Citi says it provides banking services to more than 19,000 companies globally.