Bank of America will end financing for ‘military-style firearms’
By Daniel Terrill
A Colt advertisement from 1964 showing an AR-15 rifle. (Photo: Colt via NSSF)
A Bank of America executive said on Tuesday the company will end financing for manufacturers of “military-style” rifles for civilian buyers.
“We have had intense conversations over the last few months and it’s our intention not to finance these military-style firearms for civilian use,” BoA vice chairwoman Anne Finucane said during an interview with Bloomberg Television.
Although her comments reiterate points the company made previously, it’s the first time a company executive said it publicly. “We want to contribute in anyway we can to reduce these mass shootings,” Finucane said. “That’s such a tragedy in the United States.”
Yet, as Finucane clarified, BoA has only a few clients that make such firearms. “We’re in discussions with them, we have let them know that … it’s not our intent to underwrite or finance military-style firearms on a go-forward basis,” she said.
Finucane said the bank has received “mixed” reactions to the decision. “We’ll just leave it at that,” she said, adding the company will work with clients impacted by the decision during their transition.
However, Finucane said that BoA is not yet ready to pull the plug on retailers that sell military-style firearms. “The