Citi to end policy restricting services to retail clients selling firearms in effort to ensure 'fair access'

Core Viewpoint - Citigroup is revising its policies regarding banking services for retail clients selling firearms and clarifying its stance on political affiliation discrimination, aiming to enhance fair access to banking services amid regulatory scrutiny [1][2][11]. Group 1: Policy Changes - Citigroup is removing its U.S. Commercial Firearms Policy established in 2018, which restricted services to retail clients and partners involved in firearms sales [6]. - The company is updating its employee Code of Conduct and Global Financial Access Policy to explicitly state that it does not discriminate based on political affiliation, similar to its non-discrimination stance on race and religion [9]. Group 2: Regulatory Context - The changes are in response to increasing scrutiny from federal lawmakers regarding allegations of banks denying services to certain industries or political groups, particularly since the return of President Trump [5][11]. - Citigroup's Head of Enterprise Services and Public Affairs emphasized the need to balance fair access to banking products while managing risks appropriately [2][3]. Group 3: Industry Reactions - The banking industry has faced accusations of discrimination, with banks arguing that outdated regulations complicate their ability to provide services or justify denials [5]. - Citigroup expressed hope that communities and lawmakers will continue to seek solutions to prevent gun violence while adhering to best sales practices [8].