U.S.A. –-(Ammoland.com)- Citigroup plans on regulating firearms through controlling sales to persons under the age of 21, bump stocks, and “high-capacity magazines” according to an internal memo that was sent to Firearm Rack by an anonymous source.
The memo was penned by CEO of Citigroup, Mike Corbat detailing their new U.S. Commercial Firearms Policy details several guidelines that firearm retailers MUST follow if they would like to do business with Citigroup. If they decline to adhere to the new policies, Citi will “work with them to transition their business away from Citi.”
In my opinion, this new policy that Citi has distributed will undoubtedly change commerce surrounding firearms even if the retailer does not use Citigroup’s services. How many smaller banking institutions will follow the lead of the Keep in mind that Citi is regulating entirely legal products for a political end goal of forcing the firearms industry to adopt gun control measures that have been voted on by no one, bypassing all public comment.
Does Citi have the right to regulate their services? Sure. Being a private company they have the right to do business where they like and turn away retailers that they do not wish to do business with.
But just because they can, should they?
One of the more chilling statements in Mike’s memo is where he states “Citi is ready to do our part to help our country move in that direction.” When referring to changes in U.S. firearms laws. When an entity is so large that they are dictating policies that affect rights that Americans are guaranteed, there is something wrong with the system in my humble opinion.
The response to Citigroup’s policy change announcement on Twitter has been overwhelmingly negative, as it should be. ~ AmmoLand News
Today we announced a new U.S. Commercial Firearms Policy that centers around current firearms sales best practices that will guide those we do business with as a firm. More on our blog: https://t.co/sreRrPGCBg
— Citi (@Citi) March 22, 2018
How should we respond to Citigroup? Email Mike Corbat ([email protected]) and tell him how you feel about the new policy in the MOST RESPECTFUL WAY POSSIBLE. Do not curse, do not threaten, and do not troll him. We have to be respectful or risk being labeled crazy gun people.
I reached out to Citigroup for comment and have not received a response at this time.
If you care to read the memo, it is posted below:
From: MikeCorbat <[email protected]>
Date: Thursday, March 22, 2018 at 10:01 AM
Subject: Announcing Our U.S. Commercial Firearms PolicyMessage From Mike Corbat
Dear Colleagues,
Over the last several weeks, I have had many conversations with clients, colleagues and friends who hold a range of opinions on the regulation of firearms in the U.S. It is clear to me that most people believe there are areas of agreement and practical changes we can make to find common ground.
Citi is ready to do our part to help our country move in that direction. Today, I am proud to announce a new U.S. Commercial Firearms Policy that promotes the adoption of current best practices regarding the sale of firearms. The policy was designed to respect the rights of responsible gun owners while helping to keep firearms out of the wrong hands.
This policy will apply across the firm, including to small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label. Under the policy, we will require new retail sector clients or partners to adhere to these current best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines.
It is clear our current clients care about these issues as well, and we believe we can make meaningful progress together. We have already begun to engage with them in the hope that they will adopt these best practices over the coming months. If they opt not to, we will respect their decision and work with them to transition their business away from Citi.
We have few relationships with companies that manufacture firearms. For those that do, we will be initiating due diligence conversations to better understand the products they make, what markets and retailers they sell to, and the sales practices of those retailers to ensure adherence with the best practices outlined above. We will apply the same due diligence screening to potential clients going forward.
We know that our efforts cannot lead to real change unless we work with others. To that end, we are initiating a dialogue within the financial services industry and with other stakeholders to understand whether there are additional technology solutions or voluntary standards that can be enacted. We know a solution may not come quickly, but we are committed to the conversation.
As an avid outdoorsman and responsible gun owner, I know that some will find our policy too strict while others will find it too lenient. We don’t have the perfect solution to supporting our Constitution while keeping our children and grandchildren safe. Best practices are going to continue to change, and we understand the limitations of our efforts. But we shouldn’t let that stop us from doing our part.
– Mike
About Patrick R.
Patrick is a firearms enthusiast that values the quest for not only the best possible gear setup, but also pragmatic ways to improve his shooting skills across a wide range of disciplines. He values truthful, honest information above all else and had committed to cutting through marketing fluff to deliver the truth. You can find the rest of his work on FirearmRack.com as well as on the YouTube channel Firearm Rack or Instagram at @thepatrickroberts.
I will be going back to cash and dropping Amazon, Citi card, Costco, Macy’s, Best buy, NTB, Sears and Wawa cards
as of today 03-24-18
I love the sound of crunching Citi (Home Depot) cards in the shredder….not to be confused with the smell of napalm in the morning…well maybe…
This CEO tells it like it is, either do it our way or not at all. Who died and appointed him as king? There is no sense in dealing with this liberal outfit. I don’t but anyone who does do business with them get away as fast as you can. There are a lot of credit unions that would be happy to accept your money and interest through them has been higher than banks throughout the recession.
For what it’s worth, I have a somewhat unique perspective as an avid firearms enthusiast, an obsessive student of ballistics, arms/armor, and coincidentally as a liberal. We might not agree on many social issues, but we definitely see eye to eye on the second amendment. One of the reasons I enjoy the posts on here, is that they are typically far more objective, and well reasoned with far fewer conservative catch phrases, and calls to arms. It may seem naive, but I think like many controversial issues in our country we have to make an effort to avoid connecting partisan… Read more »
To the greatest extent possible, do not patronize CITI. Cancel or quit using their credit cards for openers. Oummight also contact business owners stablishments. Using their credit cards gives them money, cut that money off. Let’s then see what happens, when money flow is eliminated or reduced. Individuals are not powerless.
When Banks (Who America Bailed out with their Retirement funds) decide to limit America’s Civil Liberties, We as AMericans can Limit theirs. Our voice is money. Stop giving it to them and watch what happens. Stop saving with them and see how they react. Our Power is as Americans. Theirs is with threats and Regulations against Us.