Credit Card Companies ‘Pause’ Implementation of New Gun Purchase Tracking Code
By Dan Zimmerman
The pushback against Amalgamated Bank CEO Priscilla Sims Brown’s plan began almost as soon as she started to seriously push for a new merchant category code for gun retailer transactions. And when she finally managed to mau-mau the International Standards Organization into approving her gun purchase tracking tool, parties like the NSSF, various state Attorneys General, along with state and federal legislators kicked into high gear.
Brown and the credit card companies said it was all part of wanting to monitor “suspicious activity.” The fact that use of the code would chill lawful gun sales while resulting in inaccurate Suspicious Activity Reports to federal regulators was just a price we’d all have to pay for more “safety.”
Today, however, Bloomberg (heh) reports that the all of the heat and political pressure applied to the credit card companies is paying off.
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