- Citigroup announced it will eliminate its 2018 firearms policy, which had pressured retail clients to adopt stricter gun sales practices (e.g., background checks, age restrictions). The bank framed the original policy as risk management but now calls for neutrality.
- The bank updated its policies to explicitly state it will not discriminate against customers or employees based on political affiliation, responding to accusations of ideological debanking.
- Conservatives and Second Amendment advocates long criticized the firearms policy as overreach. The shift follows similar moves by banks like JPMorgan Chase amid growing scrutiny, including from President Trump.
- Critics accuse banks of opaque account closures targeting conservatives, citing examples like flagged transactions tied to terms such as "MAGA" or religious texts under Biden-era directives.
- Citigroup's policy change reflects attempts to address polarization, but skepticism remains over past transparency. The issue has fueled calls for laws preventing financial exclusion based on politics, with global implications.
In a striking reversal, Citigroup announced it will eliminate its firearms policy and reinforce its public stance against political discrimination.
The financial giant issued the announcement Tuesday, June 3, on its website. It reportedly served as a response to mounting accusations that major banks have been systematically debanking customers based on ideology.
"We will update our employee Code of Conduct and our customer-facing Global Financial Access Policy to clearly state that we do not discriminate on the basis of political affiliation," the bank said in its statement. "We also will no longer have a specific policy as it relates to firearms. The policy was intended to promote the adoption of best sales practices as prudent risk management and didn't address the manufacturing of firearms."
Citigroup's decision to scrap the 2018 firearms policy, which had pressured retail clients to adopt stricter gun sales practices, marks a significant retreat from a once-controversial corporate stance. The bank framed the original policy as a risk management measure – requiring background checks, age restrictions and purchase bans on bump stocks and high-capacity magazines. (Related: Citigroup reverses firearm policy amid political backlash and GOP pressure: Balancing safety and free markets.)
But conservatives and defenders of the Second Amendment have condemned the 2018 policy as ideological overreach. Amid heightened scrutiny seven years on, Citigroup insists its latest shift is about neutrality, not capitulation.
How politics shapes financial access
The pledge mirrors similar commitments from JPMorgan Chase, which revised its policies last year to explicitly prohibit debanking based on political or religious views. It also follows criticism from President Donald Trump over banks' discrimination of conservative clients, raising urgent questions about fairness in the banking sector. Trump has made debanking a central issue since returning to office, confronting bank CEOs publicly and demanding legislative safeguards.
The broader controversy stems from years of opaque account closures, where banks have severed ties with customers – often without explanation – citing vague risk assessments or regulatory compliance. Critics argue these justifications mask partisan bias, particularly against conservatives.
Revelations that financial institutions under Biden-era directives flagged transactions linked to terms like "MAGA" or religious texts only deepened suspicions. Intelligence agencies reportedly used banking data to monitor Americans skeptical of Wuhan coronavirus (COVID-19) lockdowns, vaccines or government policies, sparking outrage over privacy and civil liberties.
"Citi has always been fully committed to treating all current and potential clients fairly," the bank asserted, though skeptics remain unconvinced. The lack of transparency in past closures has fueled a conservative-led push for laws preventing financial exclusion based on politics, a movement gaining traction as more cases surface globally.
For now, Citigroup's policy overhaul signals an attempt to navigate an increasingly polarized landscape. But with trust eroded and governments worldwide accused of weaponizing finance against dissent, the debate over banking access is far from over.
Watch this Fox Business report about JPMorgan Chase ending its policy of debanking customers on political and religious grounds following Trump's criticism.
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