By Dan Frieth – Reclaim The Net
Citigroup is rolling out changes to its internal policies to reinforce a public stance against what many consider to be politically motivated discrimination, following an escalating backlash over alleged partisan bias in the banking sector.
The announcement, released Tuesday, comes as prominent political figures, including President Donald Trump, intensify accusations that major banks are marginalizing and debanking customers for their political leaning.
These concerns, which have been gathering steam in Republican circles, have recently taken center stage in debates over financial access.
“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 in the same way we are clear that we do not discriminate on the basis of other traits such as race and religion,” the bank said in its statement.
Citigroup also disclosed it would eliminate a previously established firearms policy, part of a broader response to regulatory developments and intensifying scrutiny around debanking.
This reversal follows years of criticism aimed at banks for cutting ties with customers based on vague or unexplained criteria, often without offering any specific justification. While financial institutions typically attribute these closures to regulatory compliance; citing anti-money laundering and risk assessments, many have long suspected that ideology plays a quiet but central role.
Citigroup’s firearm-specific policy had been introduced in 2018 in the wake of the Parkland school shooting. The initiative focused on pressuring retail clients to adopt what the bank described as responsible sales practices, such as requiring background checks, refusing sales to buyers under 21, and avoiding the sale of bump stocks and high-capacity magazines.
“Our US Commercial Firearms Policy was implemented in 2018 and pertained to the sale of firearms by our retail clients and partners,” Citi explained. “The policy was intended to promote the adoption of best sales practices as prudent risk management and didn’t address the manufacturing of firearms.”
Though Citi claimed the move was not tied to ideology, it drew a swift and sustained response from gun rights advocates and media outlets aligned with constitutional protections.
By dropping the firearms directive and asserting a policy of political neutrality, Citigroup is attempting to address both regulatory pressure and a political environment that’s increasingly hostile toward perceived corporate overreach.
“Citi has always been fully committed to treating all current and potential clients fairly and we have policies, procedures, and controls in place for this express purpose,” the bank stated, adding that it is closely tracking recent legislative and executive developments related to fair access.
The broader uproar around debanking has been fueled by revelations that many account closures are carried out with little or no transparency. The result has been a growing movement, led primarily by conservatives, to demand legislative safeguards ensuring financial institutions cannot shut down accounts for political or ideological reasons.
Trump, now back in the White House, has made this issue a point of confrontation. Earlier this year, he challenged the CEOs of Bank of America and JPMorgan Chase directly and used his appearance at the World Economic Forum to spotlight the problem. Both firms have publicly denied any role in closing accounts for political reasons.