Citibank’s gun policy could serve other banks

By Daniel Terrill

Citibank’s new commercial firearms policy could serve as a template for other financial entities to restrict gun sales by clients, argued business columnist Andrew Ross Sorkin.
In his New York Times op-ed, Sorkin examined how Citi took the initiative and identified obstacles other banks must consider if they follow suit.
“With the exception of Citi, most financial institutions are still grappling with how to properly carry out a plan that is both enforceable and does not encroach on the rights of its customers,” Sorkin wrote.
For the latest of Sorkin’s writings about what the business world could do when Congress won’t act, he spoke with Citi’s chief executive, Michael Corbat, about what led Citi to set rules for gun sellers wanting to do business with the bank.
Citi’s policy changes “to prevent firearms from getting into the wrong hands” include requiring background checks, restricting sales for buyers under 21, and banning bump stocks and high-capacity magazines. And, the company plans on enforcing those policies with “due diligence conversations” with clients.
“There is an important nuance here,” Corbat said as he explained Citi was very careful with how it worded the limitations and purposely left some of its policy ambiguous so it could later evolve and

Source: Guns.com