Citi Group and Gun Control

This is crazy. Financial sector making efforts to supercede federal regulations. 

 

https://www.msn.com/en-us/finance/companies/citigroup-restricts-some-gun-sales-by-its-business-customers/ar-BBKzlUg

 

 

Bloomberg) -- Citigroup Inc. plans to prohibit retailers that are customers of the bank from offering bump stocks or selling guns to people who haven’t passed a background check or are younger than 21.

The bank is imposing the restrictions on companies that use it to issue store credit-cards or for lending and other services, according to a memo Thursday. The lender also barred the sale of high-capacity magazines.

“The policy was designed to respect the rights of responsible gun owners while helping to keep firearms out of the wrong hands,” Citigroup Chief Executive Officer Mike Corbat said in the memo to staff. “It is clear to me that most people believe there are areas of agreement and practical changes we can make to find common ground.”

Citigroup is the first major banking institution to set restrictions on the firearms industry. Some retailers have already scaled back on the sale of firearms since the Feb. 14 mass shooting at a Parkland, Florida high school left 17 dead.

Corbat, who described himself as a responsible gun owner, said the bank would also engage with the few firearm manufacturers that are customers.

Industrywide Effort

Corbat also said the bank would encourage other financial services firms to find technology solutions or come up with voluntary standards that would push more change. The bank’s existing capabilities don’t allow Citigroup to pursue a more targeted approach at retailers’ point of sale, Ed Skylar, a spokesman for Citigroup, said in a separate blog post on the company’s website.

“We know our clients also care about these issues and we have begun to engage with them in the hope that they will adopt these best practices over the coming months,” Skylar said in the blog post Thursday. “If they opt not to, we will respect their decision and work with them to transition their business away from Citi.”

Mark Costiglio, a spokesman for Citigroup, declined to say how many or which clients might be impacted by the new restrictions.

Citigroup wasn’t involved on any debt offerings for publicly traded firearms manufacturers since the Newtown shooting in 2012, according to data compiled by Bloomberg. And among the largest big-box retailers of guns -- a group that includes Bass Pro Shops and its subsidiary Cabela’s Inc., Big Five Sporting Goods, Sportsman’s Warehouse Holdings Inc., and Orvis Co. -- Citigroup did not provide the financing for their co-brand or private-label credit cards.

Congressional Vote

Citigroup’s decision comes days before the March For Our Lives, a gun control rally organized by survivors of the Parkland shooting, and was applauded by the Brady Campaign to Prevent Gun Violence, an advocacy group.

“We give a shoutout to Citigroup and all the other responsible businesses that have been more responsible than Congress in taking steps to prevent gun violence,” Kris Brown, the group’s co-president, said in an emailed statement.

Congress, for the first time in years, plans to vote on gun control legislation as part of a larger spending bill. If passed, the measure would bolster the background check system for gun purchases and potentially open the door for firearms related research funded by the Centers for Disease Control and Prevention.

Walmart Inc. and Dick’s Sporting Goods Inc. said they will no longer sell guns to those under the age of 21 and Dick’s dropped the sale of assault-style rifles entirely. Orvis, an outdoor goods company, said customers will either need to be 21 or show proof of a hunter education and safety course to purchase a firearm.

Several companies have cut ties with the National Rifle Association, the gun industry lobby, in the last month. YouTube announced tighter restrictions on videos involving firearms on Monday, and Reddit on Wednesday banned a variety of communities related to the sale of guns.

Wells Fargo & Co., which has a long-standing relationship with the NRA, thinks addressing the gun epidemic will be complicated and is better left to lawmakers.

“Our company believes the best way to make progress on these issues is through the political and legislative process,” said Alan Elias, a spokesman for the bank. “We are engaging our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety for our communities.”

To contact the reporters on this story: Jenny Surane in New York at jsurane4@bloomberg.net, Polly Mosendz in New York at pmosendz@bloomberg.net. 

To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Heather Perlberg, Alan Mirabella

©2018 Bloomberg L.P.

And citibank just lost my business....

 

Free market?

That’s it. I’m going to make a couple of gay bakers make me an AR-15 birthday cake. 

It's hilarious how for decades the red staters have being big corporations best ally with regards to regulations/tax only for them to find out that the executives of these companies regard them as a bunch of hicks.

banco - It's hilarious how for decades the red staters have being big corporations best ally with regards to regulations/tax only for them to find out that the executives of these companies regard them as a bunch of hicks.

I have been hearing that these big institutions have been hemmoraging talent due to their positions on social issues which is why they are taking up new causes that were traditionally off limits.

If true, this generation will disrupt the hell out of this country in the next 20 years.

NerveBlock -

This is the type of thing I would support government regulation protecting against. Yes, they’re a “private company” but they’re members of the financial system. They can’t be allowed to just decide what people can and cannot buy or sell. 

Isn't that the very definition of capitalism and free market?

"We reserve the right to deny service"

NerveBlock -

This is the type of thing I would support government regulation protecting against. Yes, they’re a “private company” but they’re members of the financial system. They can’t be allowed to just decide what people can and cannot buy or sell. 

so you want less government only until a private company wants to do somethng that goes against your interests?  doesnt that seem a bit hypocritical?

Also, Citibank isnt deciding "what people can and cannot buy or sell."  They are deciding who they want to engage in business with.  If you (the retailer) dont want to play by their rules, then take your business elsewhere.  I'm sure some businesses will choose to do just that.  Hell, they even addressed that in the blog post.

 

“We know our clients also care about these issues and we have begun to engage with them in the hope that they will adopt these best practices over the coming months,” Skylar said in the blog post Thursday. “If they opt not to, we will respect their decision and work with them to transition their business away from Citi.”

If anyone disagrees with Citibanks policy they should do what OGer Paw is doing, take their business elsewhere.

Gonna have to check my 401k.  Don't want anything to do with them.  

 

NerveBlock -
NerveBlock -
AlphaSlap -
NerveBlock -

This is the type of thing I would support government regulation protecting against. Yes, they’re a “private company” but they’re members of the financial system. They can’t be allowed to just decide what people can and cannot buy or sell. 

Isn't that the very definition of capitalism and free market?

"We reserve the right to deny service"

Maybe I misunderstood the article but it’s one thing to deny service to a customer or entity. It’s another to accept them as a customer and retroactively limit what they can do with their own money once they’re deeply embedded in your system. I support the free market 100% but it doesn’t mean some regulations shouldn’t exist. 

Alright I’ve reread the article and what mojodmonky posted and I take back what I said. It would be better to just not give them your business or take them up on “transitioning away”. Better to err on the side of no government intereference. 

But I do concede, just had a momentary lapse upon first impression. 

yup. seems simple enough. Though I have no idea how complicated it might be to switch over to another lender/creditor or whatever the hell this is. 

What needs to happen is that somebody need to find out who their highest profile clientele are, and demand they stop doing business with Citigroup.

 

If you are in business with this company, I don't want to buy your products.  Fuck them.  It's a slap in the face, and why would I want to give money to a company doing that?  

 

I don't own a bump stock, and never will.  I have zero interest in ever having one.  I'm well over 21...but I'm sick of sanctimonious companies driving social issues into the business world like this.  

 

I hope they go bankrupt...these fuckers helped stay afloat with tax dollars a few years back.

mojodmonky -
NerveBlock -

This is the type of thing I would support government regulation protecting against. Yes, they’re a “private company” but they’re members of the financial system. They can’t be allowed to just decide what people can and cannot buy or sell. 

so you want less government only until a private company wants to do somethng that goes against your interests?  doesnt that seem a bit hypocritical?

Also, Citibank isnt deciding "what people can and cannot buy or sell."  They are deciding who they want to engage in business with.  If you (the retailer) dont want to play by their rules, then take your business elsewhere.  I'm sure some businesses will choose to do just that.  Hell, they even addressed that in the blog post.

 

“We know our clients also care about these issues and we have begun to engage with them in the hope that they will adopt these best practices over the coming months,” Skylar said in the blog post Thursday. “If they opt not to, we will respect their decision and work with them to transition their business away from Citi.”

If anyone disagrees with Citibanks policy they should do what OGer Paw is doing, take their business elsewhere.

the difference is banking is partners with the fed gov.

the government doesnt let you do business in cash anymore.

the government is trying to make everyone move to a electronic currency only model.

you cant print your own money as legal tender, and the banks are the gate keeper

the gov fucks you for any cash transaction > 10k

the government is forcing you to use banks. the government cant do something but their agents can?

i think they'd have a good restraint of trade case

CavemanDave - 

What needs to happen is that somebody need to find out who their highest profile clientele are, and demand they stop doing business with Citigroup.

 

If you are in business with this company, I don't want to buy your products.  Fuck them.  It's a slap in the face, and why would I want to give money to a company doing that?  

 

I don't own a bump stock, and never will.  I have zero interest in ever having one.  I'm well over 21...but I'm sick of sanctimonious companies driving social issues into the business world like this.  

 

I hope they go bankrupt...these fuckers helped stay afloat with tax dollars a few years back.


You think big business gives a shit what some yokels who are into gun rights think? You aren't their big customers.

They aren't the only bank around.  I also see nothing wrong with this.  Different banks and merchant processors have different rules and if one bank doesn't work for your business you go to one that does.

It's probably not even big business for them.  They just thought they would get internet high fives from gun control people while not doing much.

banco -
CavemanDave - 

What needs to happen is that somebody need to find out who their highest profile clientele are, and demand they stop doing business with Citigroup.

 

If you are in business with this company, I don't want to buy your products.  Fuck them.  It's a slap in the face, and why would I want to give money to a company doing that?  

 

I don't own a bump stock, and never will.  I have zero interest in ever having one.  I'm well over 21...but I'm sick of sanctimonious companies driving social issues into the business world like this.  

 

I hope they go bankrupt...these fuckers helped stay afloat with tax dollars a few years back.


You think big business gives a shit what some yokels who are into gun rights think? You aren't their big customers.

I'm not sure you understand who buys guns.

 

Do you think most gun owners are in trailer parks and the ghetto?

CavemanDave -
banco -
CavemanDave - 

What needs to happen is that somebody need to find out who their highest profile clientele are, and demand they stop doing business with Citigroup.

 

If you are in business with this company, I don't want to buy your products.  Fuck them.  It's a slap in the face, and why would I want to give money to a company doing that?  

 

I don't own a bump stock, and never will.  I have zero interest in ever having one.  I'm well over 21...but I'm sick of sanctimonious companies driving social issues into the business world like this.  

 

I hope they go bankrupt...these fuckers helped stay afloat with tax dollars a few years back.


You think big business gives a shit what some yokels who are into gun rights think? You aren't their big customers.

I'm not sure you understand who buys guns.

 

Do you think most gun owners are in trailer parks and the ghetto?

Yes. Yes he does.

CavemanDave - 
banco -
CavemanDave - 

What needs to happen is that somebody need to find out who their highest profile clientele are, and demand they stop doing business with Citigroup.

 

If you are in business with this company, I don't want to buy your products.  Fuck them.  It's a slap in the face, and why would I want to give money to a company doing that?  

 

I don't own a bump stock, and never will.  I have zero interest in ever having one.  I'm well over 21...but I'm sick of sanctimonious companies driving social issues into the business world like this.  

 

I hope they go bankrupt...these fuckers helped stay afloat with tax dollars a few years back.


You think big business gives a shit what some yokels who are into gun rights think? You aren't their big customers.

I'm not sure you understand who buys guns.

 

Do you think most gun owners are in trailer parks and the ghetto?


No but I think people who care about these issues enough to want to boycott citibank don't have a lot of crossover with the group of people in this country that have high levels of disposalable income.

In process today of dumping their cards. I probably spend 100-150k a month on them. Fuck them