Citigroup Ends Firearm Sales Banking Restrictions Amid Regulatory Pressure

Citigroup has announced it will end its 2018 policy that placed restrictions on providing banking services to retail clients selling firearms. This policy, implemented after the Parkland, Florida school shooting, required retailers to limit gun sales to people over 21 and aimed to promote best sales practices. The decision to drop the policy follows recent regulatory changes and pressure from the Trump administration, which has criticized banks for allegedly discriminating against conservatives and certain industries. Citigroup also updated its employee code of conduct to explicitly state that it does not discriminate based on political affiliation. The banking industry overall has pushed back against accusations of discriminatory lending practices, citing burdensome and unclear regulations as challenges. Citigroup emphasized its commitment to fair and unbiased access to banking services while managing risk appropriately.