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Investing.com -- Citigroup (NYSE:C) announced on Tuesday that it is revoking a 2018 policy that limited banking services to retail clients that sell firearms. This decision is in response to recent changes in regulatory conditions.
Since the beginning of the Trump administration in January, there has been heightened examination of U.S. banks and regulators by lawmakers. The focus has been on allegations of service denial to specific industries or political groups. The banking industry has strongly rebutted these accusations, arguing that the existing rules are burdensome, outdated, and unclear, making it challenging to provide or explain the inability to provide certain services.
Edward Skyler, the Head of Enterprise Services and Public Affairs of the U.S. banking giant, expressed understanding of the concerns about ’fair access’ to banking services in a blog post. He stated that Citigroup is keeping a close eye on regulatory changes, recent executive orders, and federal legislation that affect this area.
Citigroup also plans to amend its employee code of conduct and customer-facing global financial access policy. The changes will explicitly state that the bank does not discriminate based on political affiliation.
The bank will no longer maintain a specific policy related to firearms.
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