Gun Store Owners: Banks Continue to Cut Ties under DOJ Pressure

By AWR Hawkins

Eric Holder
Eric Holder
AmmoLand Gun News
AmmoLand Gun News

Washington DC - -(Ammoland.com)-  Gun store owners say continuing pressure from the Department of Justice (DOJ) and a Federal Deposit Insurance Corporation (FDIC) “high risk” rating are shrinking the pool of banks they can use for their businesses.

In 2011, the FDIC listed firearms and ammunition sellers as “high risk.” It designated “pornography” and “tobacco sales” the same. Since then, Obama’s DOJ has applied pressure to banks, leading some to cut ties with gun stores or freeze the assets of firearms-related businesses.

On May 18, The Washington Times listed gun stores and firearms-related businesses in Miami, Florida; Henderson, Nevada; and Phoenix, Arizona, that have all seen their bank accounts “frozen” or dropped altogether as a result.

Banks are reacting to DOJ hyper-scrutiny by severing business relationships with anything that might be viewed as “high risk,” even if the businesses with which they are cutting ties are legal and legitimate.

In April 2013, Breitbart News reported that Bank of America froze the assets of Scottsdale, Arizona-based American Spirit Arms because the company allowed customers to order guns over the Internet without conducting a background check. What Bank of America failed to note is that Spirit Arms complies with the law by shipping those guns directly to Federal Firearm License holders, who then conduct background checks before allowing customers to take possession of them.

GE Capital soon followed Bank of America’s lead by announcing that it would no longer finance gun purchases or gun businesses.

According to the Times, gun businesses have responded to these things by saying, “The Obama administration is trying to put them out of business with regulations and investigations that bypass Congress and choke off their lines of credit, freeze their assets, and prohibit online sales.”

Follow AWR Hawkins on Twitter @AWRHawkins.

 

About:
AWR Hawkins writes for all the BIG sites, for Pajamas Media, for RedCounty.com, for Townhall.com and now AmmoLand Shooting Sports News.

His southern drawl is frequently heard discussing his take on current events on radio shows like America’s Morning News, the G. Gordon Liddy Show, the Ken Pittman Show, and the NRA’s Cam & Company, among others. He was a Visiting Fellow at the Russell Kirk Center for Cultural Renewal (summer 2010), and he holds a PhD in military history from Texas Tech University.

If you have questions or comments, email him at awr@awrhawkins.com. You can find him on facebook at www.facebook.com/awr.hawkins.

  • 7 thoughts on “Gun Store Owners: Banks Continue to Cut Ties under DOJ Pressure

    1. I don’t understand why the firearms industry,from manufactures,retail and wholesale businesses,ammo co’s…any businesses related to or connected with firearms don’t open their own exclusive bank and end this nonsense once and for all.My Cabelas Visa is issued by Worlds Foremost Bank and I believe it’s for Cabelas exclusively. I guarantee you they don’t go through all this BS.

    2. These are the tactics of a Maxist State and also the Chicago Politica Machine, “right thinking (according to us) will be rewarded, wrong thinking will be punished”. You people who voted for this thug have no one to blame but yourselves.

    3. If a bakery is a “public accommodation” and cannot discriminate by refusing to serve a gay wedding, I don’t see how a bank can refuse to serve a legitimate business. Maybe someone needs to be suing.

    4. The easy solution is for folks who are firearm owners and bank with B.O.A. to change their bank if they do business with B.O.A. The NRA should also advocate this with the membership. Money talks and if a few hundred folks in just Arizona pulled their accounts–the pain level rises quickly, but will they, no, no guts and no desire to get involved.

    5. Perhaps someone (NRA?)could provide a list of banks that are bowing at the altar of Eric Holder/Obama so that all gun owners could move their business else where. If bankers are interested in making money, this could change their thinking. Also, my Bass Pro card is issued thru the Bank of America. Does Bass Pro condone this activity? If they do, why should I spend any money there?

    6. Is this any different from a local bank in nj with 6 branches that are owned by conservative christians that will not take business accounts from liquor stores or adult businesses or the like except for government pressure. Changing banks is not always easy especially if you have a large line of credit.

    7. Brian: Do I understand your post to mean that the christian-owned band DID take business accounts from liquor stores, etc., after they received Govt
      pressure?
      Also, the bakery issue is a very good analogy of this mess. B of A is a pain to do business with anyway.

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