Citigroup Reverses Firearms Banking Policy

Citigroup has reversed its 2018 policy that restricted banking services to firearm retailers who sold guns to buyers under 21 or without background checks, a measure introduced after the Parkland school shooting. The bank cited regulatory changes, executive orders, proposed legislation, and mounting political pressure from the Trump administration and conservative lawmakers as reasons for the change. Citi plans to update its employee code of conduct and customer policies to explicitly prohibit discrimination based on political affiliation, addressing allegations of 'debanking' conservatives and politically disfavored industries. Gun industry groups have cautiously welcomed the reversal, though some remain skeptical about whether Citi’s changes will be meaningful. The policy shift comes amid heightened debate over fair access to banking and claims of discrimination against certain industries or political groups. Citi noted that many retailers now follow best practices and encouraged continued community and legislative efforts to reduce gun violence.