Citigroup Becomes First Major Bank to Restrict Some Gun Sales

[GURPS]

Citigroup Becomes First Major Bank to Restrict Some Gun Sales


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.

 

[vraiblonde]

Oh meh. At first I thought they were barring customers from using their credit card to purchase a gun, and THAT would have been outrageous.

I see no problem with not wanting to get involved with some Billy Joe Bob gun store that doesn't follow the law. There's also a lot of illegal gun purchasing that goes on on the internet, and I don't blame website owners for not wanting to get involved with that, either.

 

[terbear1225]

Oh meh. At first I thought they were barring customers from using their credit card to purchase a gun, and THAT would have been outrageous.

I see no problem with not wanting to get involved with some Billy Joe Bob gun store that doesn't follow the law. There's also a lot of illegal gun purchasing that goes on on the internet, and I don't blame website owners for not wanting to get involved with that, either.

I’m not following, can someone explain what exactly they are restricting?

 

[Starman]

I’m not following, can someone explain what exactly they are restricting?

They are asking "commercial partners" to abide by the following:

- not sell a firearm to someone who hasn't passed a background check,
- not sell a firearm to someone who is under 21 years of age, and
- not sell bump stocks or high-capacity magazines.

Seems further reaching than the Dick's decision to me.

 

[terbear1225]

Thank you.

 

[vraiblonde]

They are asking "commercial partners" to abide by the following:

- not sell a firearm to someone who hasn't passed a background check,
- not sell a firearm to someone who is under 21 years of age, and
- not sell bump stocks or high-capacity magazines.

Seems further reaching than the Dick's decision to me.

I'm not sure how they would enforce that, though. It seems like a fairly worthless gesture.

 

[Starman]

I'm not sure how they would enforce that, though. It seems like a fairly worthless gesture.

Yea, seems ridiculous. If a storefront has a VISA sticker on their door, they are allegedly a "VISA merchant" and by their contract with VISA aren't supposed to have "minimum charges" for credit cards. Yet tons of places do, and nothing is done about it. I've protested to various merchants in the past, and basically been told GTFO then.

I doubt this will be any different. Just another company riding the wave of what's in.

 

[black dog]

Oh meh. At first I thought they were barring customers from using their credit card to purchase a gun, and THAT would have been outrageous.

I see no problem with not wanting to get involved with some Billy Joe Bob gun store that doesn't follow the Law. There's also a lot of illegal gun purchasing that goes on on the internet, and I don't blame website owners for not wanting to get involved with that, either.

I'll ask, what illegal gun sales happen on the internet? And how do we know it's illegal?
Much less how would citigroup know it's a illegal sale?
Citigroup needs to stay in the financial business and out of other folks legal personal business.

 

[h3mech]

Citigroup Becomes First Major Bank to Restrict Some Gun Sales


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.

well that did it my paid off Citigroup credit card is going to be canceled. if you don't support the 2nd Amendment then I don't support you.

 

[GURPS]

I'll ask, what illegal gun sales happen on the internet? And how do we know it's illegal?

Because Progressives Claim there is ... :shrug:

 

[GURPS]

well that did it my paid off Citigroup credit card is going to be canceled. if you don't support the 2nd Amendment then I don't support you.

 

[vraiblonde]

Because Progressives Claim there is ... :shrug:

I am not a "progressive" and I think anyone with two brain cells to rub together knows that of course illegal gun sales happen on the internet. To deny that is simply ridiculous.

I am a supporter of the Second Amendment, but please - let's keep it real.

 

[GURPS]

I am not a "progressive" and I think anyone with two brain cells to rub together knows that of course illegal gun sales happen on the internet. To deny that is simply ridiculous.

I am a supporter of the Second Amendment, but please - let's keep it real.

what do you define as 'illegal'

and you think those are using credit cards

 

[vraiblonde]

what do you define as 'illegal'

and you think those are using credit cards

That which is against the law; and

Yes

 

[Gilligan]

That which is against the law; and

Yes

Links?? I've been a firearms collector and enthusiast for a loongg time now, buy on line all the time, and I don't recall any instance where an "internet sale" that was not FFL-to-FFL could be transacted, much less with a credit card. Via paypal maybe?

 

[terbear1225]

I'll ask, what illegal gun sales happen on the internet? And how do we know it's illegal?
Much less how would citigroup know it's a illegal sale?
Citigroup needs to stay in the financial business and out of other folks legal personal business.

I think it's reasonable to assume that illegal gun sales take place on the internet. I think it's reasonable to assume that illegal sales of just about anything take place on the internet. whether or not those sales involve credit cards is a bit more in question.

 

[terbear1225]

Links?? I've been a firearms collector and enthusiast for a loongg time now, buy on line all the time, and I don't recall any instance where an "internet sale" that was not FFL-to-FFL could be transacted, much less with a credit card. Via paypal maybe?

credit card linked to a paypal account?

 

[GURPS]

Yes

right because someone making an 'illegal' gun sale is going to use something traceable like a CC

It MIGHT Happen - Criminals are Generally Stupid ... However I would counter it certainly will NOT be the NORM

 

[black dog]

I am not a "progressive" and I think anyone with two brain cells to rub together knows that of course illegal gun sales happen on the internet. To deny that is simply ridiculous.

I am a supporter of the Second Amendment, but please - let's keep it real.

So yeah, let's keep it real, Since you are much more knowledgeable about gun sales on the internet...
Please explain how a FFL dealer does a illegal internet sale.

 

[black dog]

right because someone making an 'illegal' gun sale is going to use something traceable like a CC

It MIGHT Happen - Criminals are Generally Stupid ... However I would counter it certainly will NOT be the NORM

Didn't you all know that private internet transfers when a Chase CC is used and is through a ffl dealer it has to be illegal..