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Senate Banking Committee chairman rips Bank of America over firearm policies, privacy concerns

Gun Laws, Politics & 2nd Amendment, Product & Industry News, Second Amendment


The Senate Banking Committee wants answers from Bank of America after it decided to stop lending to manufacturers of AR-15s. (Photo: Bank of America/Facebook)

The nation’s second largest bank faces a long list of questions from Congress over its decision to cut ties with gun makers producing AR-15 rifles.

Senate Banking Committee Chairman Mike Crapo, an Idaho Republican, blasted Bank of America for the policy announcement in a letter submitted to Chief Executive Officer Brian Moynihan last week, accusing the company of “seeking to replace legislators and policymakers.”

“It is deeply concerning to me when large national banks like Bank of America, which receive significant forms of government support and benefits, use their market power to manage social policy by withholding access to credit to customers and companies they disfavor,” Crapo said in the letter dated April 25.

Anne Finucane, BoA vice chairwoman, publicly announced the company’s decision to cut ties with gun makers during an interview with Bloomberg television earlier this month. The move came nearly two months after a teenager murdered 17 and wounded 17 others at his former high school in Parkland, Florida armed with an AR-15.

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“We have had intense conversations over the last few months and it’s our intention not to finance these military-style firearms for civilian use,” she said. “We want to contribute in anyway we can to reduce these mass shootings. That’s such a tragedy in the United States.”

Finucane admitted the decision drew mixed reactions and said Bank of America will continue working with gun retailers — a detail that leaves Crapo and the rest of the Senate Banking Committee wary.

“The collection of personally identifiable information by both the government and private companies like yours is something that has long troubled me,” Crapo said in the letter, noting Citibank’s decision last month to restrict lending to gun retailers and explore methods of “targeting” sales. “This announcement by Citigroup raises serious concerns about the banking industry’s potential use of PII to monitor and deny financial services to individuals and companies who are engaging in completely legal and, in this case, Constitutionally-protected conduct.”

Crapo and other lawmakers on Capitol Hill remain vocal about corporate backlash against the gun industry in the wake of the Parkland massacre — even pressing Federal Reserve Vice Chairman of Supervision Randal Quarles for input on the situation at a committee meeting April 19.

“We don’t need red banks and blue banks,” Republican Louisiana Sen. John Kennedy told Quarles, per the Washington Examiner. “We need banks that are safe and sound and honest, and that appreciate it when the American taxpayer puts up billions and billions of dollars of their hard-earned money to keep these banks from going belly-up.”

Quarles didn’t indulge the committee, however, saying only “Those issues are really outside of our remit as regulators of the system at the Federal Reserve.”



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34 Comments

  1. NRA members need to pull their money out of these banks. Maybe the NRA should look into banking for members only.

  2. The bank is getting backing from SOROS and the deep state. Traitors to freedoms and America. The Nazis are trying to take over America with Hillary’s help. All should be arrested for treason. Men and women who are ceos and owners should be a shame . But they won’t. Because most love Iran and Russia . They want slaves. Obama really screwed America over.

    1. I sent them a ton of nasty gram’s telling them just what I think of their Globalist action’s… It most likely ended in the Delete…But it had to be done.

    2. The “Community Organizer” left a legacy of dividing our Great Nation, corrupting our Highest Institutions of Law and suppressing our Military from clear objectives to make our country and our closest Allies soil safe from radical terroristic threats.

      By the Grace of God and our now, Commander in Chief, who has “Stones” to demonstrate we are the Greatest SuperPower in the World to be reckoned with….BoA or no BoA!

    3. When BIG BROTHER starts telling me what I can and cannot buy, I SAY GOODBYE! Anyone attempting to implement GUN CONTROL methods IS DEAD WRONG AND INFRINGING UPON OUR NATION’S CONSTITUTIONAL RIGHTS.

      Further, DO YOUR RESEARCH!! Decades of history facts show that MASS KILLINGS are RARE and are not on the rise. The MARCH FOR OUR LIVES MOVEMENT lead by our nation’s children are all about GUN CONTROL and have very little to do with saving children’s lives!

      OVER 2,000 CHILDREN ARE KILLED EVERY DAY IN AMERICA. THAT’S OVER 730,000 CHILDREN KILLED ANNUALLY!
      -VS-
      LESS THAN “SIXTY” (60) CHILDREN ARE KILLED IN MASS SHOOTINGS PER YEAR OR .16 PER DAY. MASS SHOOTINGS OF OUR NATION’S CHILDREN ARE OF THE LOWEST CRIMES COMMITTED THAT KILL CHILDREN UP TO 19 YEARS OLD.

      ANTI-GUN ADVOCATES WANT TO BAN WEAPONS THAT WILL SAVE LESS THAN 60 CHILDREN’S LIVES PER YEAR AS OPPOSED TO OVER 2,000 CHILDREN PER DAY THAT ARE KILLED BY OTHER MEANS.

      THIS ISSUE IS ABOUT “GUN CONTROL” NOT SAVING CHILDREN’S LIVES!!! WANT TO HELP START THE NEW MOVEMENT RIGHTFULLY NAMED:

      “MARCH FOR ALL CHILDREN’S LIVES MATTER!!”

      HIT SOCIAL MEDIA WITH THESE FACTS THAT KILL CHILDREN EVERY DAY;
      Auto Deaths: 260,000/yr
      Abduction: 2,000/yr
      Abuse and Neglect: 1,825/yr
      Drowning: 175,000/yr
      Burns: 96,000/yr
      Falls: 47,000/yr
      Poisoning: 45,000/yr
      = children killed per year in the U.S.A. “NOT” from guns
      -vs-

      Less than 60 killed in mass shootings per year

      It is a lot easier to see the big picture when it is planted right under your nose. It is quite apparent that gun control is the least of our nation’s worries when it comes to our nation’s children being killed. Banning “assault weapons” or repealing the 2nd amendment will “never” save the MASSES of children that are killed every day much less than 60 per year from mass shootings.

      1. Where do you get your numbers? Just 2 examples: There were about 40,000 auto fatalities in 2017 in the US, and about 2000 were under the age of 16 nowhere near the 260,000 figure you cite. As for the 175,000 drowned children–from 2005-2014 there were an average of 3868 drownings in the US with approximately 1 in 5 children under 14. While I agree with the main thrust of your argument let’s leave the made up statistics to the anti’s.

    4. The idiot leftist people who voted for the Muslim Marxist screwed America over. Every one of them knew what he was. All of his history was out there. Hope every one of them gets what they deserve.

  3. This stared when Barack Hussein Obama became President, and his Attorney General Eric Gun Runner Holder got this brilliant idea of, getting the banks to stop the credit to firearms manufacturers, with their CHOKE POINT CREDIT ATTACK OF THE FIREARMS INDUSTRY. tHIS WAS AN ATTEMPT TO PUT THE GUN MANUFACTURERS OUT OF BUSINESS.
    As the article stated, where does these BIG BANKS THAT TRY TO CUT OFF CREDIT TO LEGAL GUN BUSINESS’S GET THEIR AUTHORITY TO STIFLE INDUSTRY, THESE BUSINESS’S ARE JUST AS LEGITIMATE AS GENERAL MOTORS, AMAZON,
    CONGRESS SHOULD PUT A STOP TO THIS PRACTICE ,WE INVEST IN THESE COMPANIES AND TO STOP THE CREDIT HARMS NOT ONLY THE COMPANY BUT THE WELL BEING OF THE COUNTRY.

  4. I work at Wells Fargo and they are doing the same thing. They are also “quietly” closing out accounts of businesses that sell guns. I know of two of my business clients that have received letters that the bank is closing their accounts in 30 days and the business owner needs to find another bank. The most recent client told me that not only is Wells Fargo closing their accounts (both business and personal), but canceling their payroll service and merchant services (accepting credit cards and debit cards) too. Wells Fargo is proving that they are Anti Constitutional when it comes to the Second Amendment!

  5. BOA’s Vice Chairwoman’s announcement of BOA’sdecision to stop supporting production of AR-15s is bad enough and further emphasizes the need for support of NRA. BOA’s Vice Chairwoman Finucane’s announcement makes one wonder how much of BOA is owned by Blomberg.

  6. Next they say if you make gas engine auto no finance. To much power in to few hands. We bailed them out it wasn’t to rule us.

  7. I don’t understand how you can make a bakery perform for someone they don’t want as a customer but it is okay for a damn liberal bank to pick and choose what you can or cannot buy with your credit card or line of credit on an open account! They are changing our laws and rights with no representation or authority! They should be put in their place or let Congress decide just what part of buying they can participate in so we can control their rights!

  8. Bank of America must have more money than it needs. Maybe the government should cut ties with them and see how long they remain solvent. The AR 15 format is the most popular firearm in the nation there are millions of them out there and very few are used to kill people. It is not the gun that kills it is the deranged human that kills. Therefore people should keep the deranged from having firearms. Groups like the ACLU try to keep law enforcement from getting that information, and when law enforcement gets information on these people they should act not just ho hum it. This new world
    society is the cause of this type of crime. Children are not being taught by their parents or schools, moral values. They are being taught, “if it feels good do it.”

  9. “We need banks that are safe and sound and honest, and that appreciate it when the American taxpayer puts up billions and billions of dollars of their hard-earned money to keep these banks from going belly-up.”

    LOL! What a total crock! “Honest banks”??? The entire banking system is a SCAM by the Federal Reserve banking cartel!

  10. Instead of people (consumers) standing around bitching about Bank of America’s position concerning firearm manufacturers, it’s time to step up to the retribution plate and show B of A what payback looks like. I am taking action today to pay off the balance on my B of A issued Master Card which is also my Bass Pro Shops Rewards card, and immediately cancelling my account with Bank of America.
    The only way to get their attention, and make them understand they work for us and not the other way around, is by hitting them where it hurts…their business pocketbooks.

  11. Allow the market to work, if BOA wishes to take this position fine, the market will react by having its (profitable) business moved to another competitive institution. For those who disagree with BOA’s policy, move your deposits and business to a competitor.

    Reality is we should all have a right to pick and choose our customers, and those whom we contract with. BOA must not be an exception for if we take that right from it we will have lost the right ourselves.

    Vote with your feet and with your dollars – both will be heard loud and clear. The last thing we need is more government involvement and “protection”.

  12. SOROS sold his own people out with the help of the Nazis now he is doing the same thing to America with the help of the Democratic party

  13. I don’t know how much if anything The Congress can do about this particular aspect of bank shenanigans, though there likely is something, assuming that our elected representatives aren’t bought off. That said, individuals can certainly take action, showing their displeasure via withholding of business, closing of accounts and similar actions. Re withdrawing of business, the closing of accounts and so on, individuals might politely inform the bank of why they are removing accounts/ withholding business.

  14. How about one or all of the gun manufacturers suing for discrimination ???? If you meet the credit guide lines you’ll be turned down for the product you sell??? I ask all who reads this. Please speak up. This type of decisions by corporate America will undermine our democracy !!!!!!!!

  15. I filed a complaint via their online process about this ‘decision’ – us account holders were certainly not consulted nor informed. After about 2 weeks I got a reply and a copy of “Anne’s” ‘reasoning’ – gist of it was the old we gotta do something meme. I responded with notification that I WILL be closing ALL of my BofA accounts – checking, savings as well as credit and debit cards. Yeah, I know, it is mostly a symbolic gesture since I as a Platinum Preferred customer (for over 40 years) am small potatoes and live in fly over country. Hopefully more customers will also choose the same actions – it ‘might’ make a difference. Based on comments I’ve seen on the web, it might happen.

    1. My wife and I just finished closing every account with BoA and moved the money to the NFCU. Thought it would be painful but actually was easy. Didn’t get a reply from BoA about my actions. We’ll buy what we want with our money.

  16. It’s time for law abiding gun owners and American businesses that support the 2nd A to just stop doing business with banks like this. Just as I have shut down my CITI bank accounts and moved my credit card business to an NRA backed Discover. We don’t have to spend our money with the DICK’s and Bank of Anti-America types of the world. Screw’em. You all need to check your store brand credit cards too … see what bank backs these cards….you can do better.

  17. I am looking at Wells Fargo as they say they are still supporting gun mfgs. I have been a 60 year customer of BoA and will let them know personally of my decision. If anyone know of another multi stae bank to also look at please let me know

  18. Bank of America is in our rear view mirror. Pulled all cash immediately following the announcement and closed two savings accounts. Kept checking open only until auto pays and auto deposits show up on new Vystar Credit Union checking.
    Closed Bank of America Visa credit cards. Vystar hands you a cash back visa cc on the spot same day you open an account. Been with Bof A for many years, but will NEVER go back. Too much nasty leftist power in these big banks.

  19. Soooo, B of A will be closing its’ multiple locations on American military Bases and Posts I presume? Since, well, that is where we train with those sorts of things. Oh wait, someone forgot about that part. oops.
    Idiots.

  20. Find out which businesses profoundly support 2A and do business with them. Stop funding their ability to regulate. I will no longer shop at Kroger for such a reason.

  21. I’m planning on buying a new firearm and ammo with my zero percent Citi bank card, then canceling the card at the end of the promotional period.

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