Citigroup announced on June 3 that it has revoked its policy restricting banking services to retail clients engaged in firearms sales, a move implemented in 2018. This decision responds to criticisms regarding fair access to banking, particularly from conservatives, including former President Trump. The previous policy required clients to conduct background checks and had further restrictions on sales. The bank plans to update its employee and customer policies to eliminate any discriminatory practices, emphasizing inclusivity in financial services moving forward.
In response to concerns about fair access, Citigroup has reversed its 2018 policy limiting banking services to clients selling firearms.
Citigroup's earlier restrictions intended to ensure best sales practices as part of prudent risk management but faced criticism from conservatives and political figures.
The reversal of Citigroup's firearms policy is part of a broader dialogue concerning banks and political affiliations, raising questions about their role in society.
With this change, Citigroup stated it aims to promote inclusivity and fair access to financial services without discrimination, even related to sensitive industries.
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