Overview

• Citigroup will drop its seven-year-old U.S. commercial firearms policy and no longer impose specific restrictions on banking services to gun manufacturers and sellers.
• It will update its employee Code of Conduct and Global Financial Access Policy to explicitly prohibit discrimination based on political affiliation.
• The bank cited new executive orders, federal legislation and regulatory changes under the Trump administration as reasons for rescinding the policy.
• Conservative and gun rights groups welcomed the rollback with cautious optimism, while gun safety advocates such as Everytown for Gun Safety voiced disappointment.
• The original 2018 policy, enacted after the Parkland school shooting, required firearms retailers to enforce background checks, ban sales to customers under 21 and prohibit bump stocks and high-capacity magazines.