Second Amendment-related companies will no longer be subjected to blatantly discriminatory practices from a Wall Street financial giant that previously denied services to the sector.
JPMorgan Chase joined a recent push, along with Bank of America and Citigroup, to end policies that specifically target companies that produce Modern Sporting Rifles (MSRs). These firms once claimed their actions were in the public interest, and they used their considerable power to freeze out the industry.
Firm pledges to change policies and work with weapons industry
There is pressure from the current administration to end these practices, and JPMorgan Chase said it eliminated “firmwide restrictions.” At one point, it specifically prohibited lending to producers of “modern sporting rifles for civilian use.”
In its letter to the National Shooting Sports Foundation (NSSF), the company declared that “no one should be denied a bank account or service based on religious or political viewpoint or affiliation.”
JPMorgan Chase said that risks of doing business with the sector “were not as significant as we had anticipated.”
2A supporters celebrate hard-fought victory over another Wall Street giant
Whatever the reason, the results are to be celebrated—and verified.
As the industry trade group, the NSSF welcomed the news. NSSF Senior Vice President and General Counsel Larry Keane noted the progress in a sector that was once hostile to the Second Amendment.
“That’s a welcome reversal of policy after NSSF met with JPMorgan Chase officials to work to end the discriminatory policy,” Keane declared. “It is also the most recent of the big banks, including Bank of America and Citigroup, that have shifted banking service policies that previously froze out members of the firearm industry.”
JPMorgan Chase further pledged to update its customer fairness policy and directives prohibiting discrimination based on religion or political point of view.
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