Buckeye Reporter

Citigroup, the international banking giant valued at over $300 billion, is facing criticism for its banking service policies. The company continues to refuse services to firearm businesses that do not comply with its gun control demands while financing military weapons.

Last week, Citigroup urged its Wall Street staff to "keep their cool" when anti-Israel protestors blocked their New York City headquarters. The protestors were responding to Citigroup's alleged financial agreement supporting Israel’s purchase of fighter jets from the U.S. government, according to The New York Post.

Ed Skyler, Citigroup’s head of enterprise services and public affairs, stated in a memo obtained by The New York Post: “We respect the right to protest, but not at the expense of our colleagues’ safety nor when others perpetuate abuse or hatred. Simply put, we do not tolerate acts of intimidation and violence, and we denounce antisemitism, Islamophobia, acts of hatred, discrimination and prejudice of any kind.” Skyler also noted that much of the protestors' information was false and that financing foreign sales of U.S. military equipment requires senior-level approval.

In contrast, Citigroup holds a stringent view on the lawful sale of firearms and accessories within the United States. Despite legal regulations ensuring firearms sold by federally licensed retailers are subject to background checks approved by the FBI’s National Instant Criminal Background Check System (NICS), Citigroup adopted a policy in 2018 restricting services to firearm businesses unless they adhere to additional conditions.

Citigroup's U.S. Commercial Firearms Policy requires firearm retailers to ensure all buyers pass a background check (a legal requirement), impose an age-based ban denying sales to adults under 21 years old, and refrain from selling bump stocks or high-capacity magazines—referred to as standard-capacity magazines by many firearm owners.

This policy affects small businesses, commercial clients, institutional clients, and credit card partners but does not restrict consumers from using Citi-branded credit cards at any merchant. However, it overlooks that bump stocks and standard-capacity magazines are legal products in most states.

The policy has impacted Citigroup’s business operations; sixteen states have adopted some form of the NSSF-supported Firearm Industry Nondiscrimination (FIND) Act. Louisiana recently enacted such a law prohibiting corporations with discriminatory policies against the firearm industry from competing for municipal bonds. As a result, Citigroup forfeited $3.4 billion in municipal bond deals due to its adherence to gun control demands requiring restrictions beyond what is legally mandated.

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