Citibank latest corporation to virtue signal

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  • avboiler11

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    Jun 12, 2011
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    https://blog.citigroup.com/2018/03/announcing-our-us-commercial-firearms-policy

    For too many years, in too many places, our country has seen acts of gun violence that have resulted in heartbreaking losses. We are all too familiar with them and there is no need to recount them here.Over the same amount of time, we have waited for our grief to turn into action and see our nation adopt common-sense measures that would help prevent firearms from getting into the wrong hands. That action has sadly never come and as the weeks pass after the most recent mass shooting, it appears we are stuck in the same cycle of tragedy and inaction.

    As a society, we all know that something needs to change. And as a company, we feel we must do our part.

    Today, our CEO announced Citi is instituting a new U.S. Commercial Firearms Policy. It is not centered on an ideological mission to rid the world of firearms. That is not what we seek. There are millions of Americans who use firearms for recreational and other legitimate purposes, and we respect their Constitutional right to do so.

    But we want to do our part as a company to prevent firearms from getting into the wrong hands. So our new policy centers around current firearms sales best practices that will guide those we do business with as a firm.

    Under this new policy, we will require new retail sector clients or partners to adhere to these best practices: (1) they don’t sell firearms to someone who hasn’t passed a background check, (2) they restrict the sale of firearms for individuals under 21 years of age, and (3) they don’t sell bump stocks or high-capacity magazines. This policy will apply across the firm, including to small business, commercial and institutional clients, as well as credit card partners, whether co-brand or private label. It doesn't impact the ability of consumers to use their Citi cards at merchants of their choice.

    We know our clients also care about these issues and we have begun to engage with them in the hope that they will adopt these best practices over the coming months. If they opt not to, we will respect their decision and work with them to transition their business away from Citi.

    We have few relationships with companies that manufacture firearms. For those that do, we will be initiating due diligence conversations on the subject to better understand what products they make, what markets and retailers they sell to and what sales practices those retailers follow to ensure adherence to the best practices outlined above. This same due diligence screening will apply to potential clients going forward.

    These common-sense sales practices already have widespread public support according to recent polling and they are easy to implement. Some, like Walmart, have gone even further.

    We recognize that we don’t have all the answers and that existing technology in our industry doesn’t allow for a more targeted approach at points of sale. For that reason, we would like to convene those in the financial services industry and other stakeholders to tackle these challenges together and see what we can do. This approach has worked well in areas such as sustainability, where the Equator Principles ushered in a new era of environmentally and socially responsible financing practices. We hope to leverage collective action to encourage responsible practices by all who sell firearms. As best practices evolve, we will update our policies accordingly.

    We know that the actions we are taking today will invite passion on both sides. We don’t have the perfect solution but we have come to the conclusion that we must do our part to keep guns out of the hands of those who wish to do harm. And we hope our actions help achieve that vital goal.
     

    T.Lex

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    15   0   0
    Mar 30, 2011
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    Free market.

    Someone will come along with a deal to take those customers away.

    I *really* don't like the NRA administration, but they should totally start a credit union.
     

    CitizenX

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    Jun 23, 2012
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    Tippecanoe
    So they wish to keep those things from people that wish to do us harm, but they won't allow the sale of hi-cap mags to ANYONE? So this is what it all boils down to... The only way to keep things from people that wish to do us harm is to make sure these things aren't available to anyone. This is the basic fundamental approach they use for gun control, and yet so many are blind to the initiative. I'm all for a NRA credit union.. they should have buildings crop up in every city and town...
     

    Mgderf

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    May 30, 2009
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    Guess I can stop accepting checks for payment from Citibank.
    Maybe if enough of their customers complain that merchants won't accept their institutions cards or checks, they might think about changing their tune.
     

    actaeon277

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    Nov 20, 2011
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    Merrillville
    Guess I can stop accepting checks for payment from Citibank.
    Maybe if enough of their customers complain that merchants won't accept their institutions cards or checks, they might think about changing their tune.

    The problem is, getting the entire gun community to do that.
    It's possible. But you'd have to start a national campaign.
     

    T.Lex

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    As a group we suck. No knock but look through the discussion threads. We will never stand united as 1 voice. It will just not happen.

    Sadly.

    Heck, even if we could keep it to 3 consensus voices, that's still tens of millions for each voice. Could really move the needle with just that.
     

    churchmouse

    I still care....Really
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    187   0   0
    Dec 7, 2011
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    Speedway area
    Heck, even if we could keep it to 3 consensus voices, that's still tens of millions for each voice. Could really move the needle with just that.

    Exactly. But who will step up and herd all the cats together. That is a tough job.
    As a group we could move mountains.
     

    actaeon277

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    Well, if someone starts it, I think it would be a good idea to contact every online gun group. One person wouldn't have to do it himself. But one person might make a list.
    Then find people on each group.
    And use Facebook, and Twitter.
     

    cordex

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    Jun 24, 2008
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    My note to them:
    I have used the Citi Double Cash card as my primary credit card since 2015 and been an avid proponent of it. I've been quite happy with your service and your rewards programs, and would like to continue using your products.

    That said, it has come to my attention that Citi has chosen to take a political stance against firearms by enacting restrictions on merchants who process transactions through your platform. Those restrictions are either duplicative of US law (as in the case of background checks being performed by dealers), meaningless as a preventative measure (as in the prohibition against bump stocks) or onerous (as the prohibition against selling standard magazines).

    Unless these restrictions are eliminated, I will be closing my credit card account, petitioning others to do the same, and advising my clients that I will no longer accept payments from any Citigroup source. As I doubt my opposition will have any meaningful impact on your decision, I have begun the process of changing recurring charges over to a competitor's credit card and will plan on phasing out your card entirely in the coming weeks. If, by chance, you do decide to modify your position, please reach out to me so I can re-evaluate.

    Thank you for your time.
     

    Thegeek

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    Jan 20, 2013
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    Indianapolis
    I heard that there are some pretty deep rules for banking and Citi may have to retract this. I wonder if Citi is going to stop giving loans, lines of credit, etc. to those under 21 as well? If they're so irresponsible at that age, why allow them to dive into the black hole that is debt?
     

    dusty88

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    2   0   0
    Aug 11, 2014
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    United States

    dusty88

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    2   0   0
    Aug 11, 2014
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    Guess I can stop accepting checks for payment from Citibank.
    Maybe if enough of their customers complain that merchants won't accept their institutions cards or checks, they might think about changing their tune.

    I could theoretically afford to do this at my business now: ie say that I'm not taking any Citi cards or checks.

    However, that also alienates every customer that knows nothing of this. It also alienates a customer that is somewhat neutral in the gun debate. IOW, then IVE become the busines that tried to bring politics in to my business. And will I find a customer or a vendor that agrees with me on everything? probably not

    Citibank is just a little piece of the gun control debate. They jumped into the politics. So as a customer, I am happy to tell them what I think of their action and to stop doing business with them. As a business owner, I am still hopeful that we do not define each business by its political positions.

    Should this trend continue, it will be a slow burn towards more division of the country and even things like state secession: businesses choosing headquarters based on the politics of the state. If that happens, it won't be a simple matter nor easily resolved.
     

    Thegeek

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    Jan 20, 2013
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    I'm sort of on the other side of the fence. I have a Citi doublecash card. I'm making sure I purchase all my gun stuff and ammo with their card. I'm perfectly content for Citi to give me a 2% discount on everything gun related....
     

    dusty88

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    2   0   0
    Aug 11, 2014
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    I'm sort of on the other side of the fence. I have a Citi doublecash card. I'm making sure I purchase all my gun stuff and ammo with their card. I'm perfectly content for Citi to give me a 2% discount on everything gun related....

    They still get a skim from the merchant. You could pay your gun store in cash and cut Citi out of the picture. If it's a local owner they might even give you a cash discount. We give 2% at my office for cash.
     
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