{"id":90355,"date":"2018-04-12T11:28:16","date_gmt":"2018-04-12T15:28:16","guid":{"rendered":"https:\/\/www.gunsamerica.com\/blog\/?p=90355"},"modified":"2018-04-12T11:28:16","modified_gmt":"2023-08-30T18:49:56","slug":"bank-of-america-stop-lending-ar-makers","status":"publish","type":"post","link":"https:\/\/gunsamerica.com\/digest\/bank-of-america-stop-lending-ar-makers\/","title":{"rendered":"Bank of America: ‘Full Stop’ on Lending Money to AR Makers"},"content":{"rendered":"
\"Bank<\/a>

Bank of America Vice Chairwoman Anne Finucane.\u00a0 (Photo: Bloomberg<\/em>)<\/p><\/div>\n

Bank of America will no longer lend money to companies that manufacturer AR-pattern rifles, an executive for the company told Bloomberg News<\/a> this week.<\/p>\n

After “intense conversations over the last few months” with its clients that make these scary-looking guns for the civilian market, BoA decided to\u00a0cut funding on a “go-forward basis.”<\/p>\n

\u201cWe have just a handful of manufacturers. They know what our intentions are,\u201d said BoA vice chairwoman Anne Finucane. \u201cIt\u2019s our intention not to finance these military-style firearms for civilian use.\u201d<\/p>\n

To be abundantly clear,\u00a0Finucane was asked if it was a “100 percent, full stop” on funding — she replied, “Yes.”<\/p>\n

\u201cWe want to contribute in anyway we can to reduce these mass shootings,\u201d Finucane said, at the outset of the interview. \u201cThat\u2019s such a tragedy in the United States.\u201d<\/p>\n

SEE ALSO: Citigroup\u2019s Anti-Gun Policies May Provide \u2018Template\u2019 for Others<\/a><\/h2>\n

Reactions from the manufacturers were “mixed,” according to Finucane, who added, “We’ll just leave it at that.\u00a0 They\u2019re our clients, and we have enjoyed a relationship, but there are those that I think will reduce their portfolio, and we\u2019ll work with them, and others that will choose to do something else.\u201d<\/p>\n

She said that the company’s position would not affect retailers — at least not yet.<\/p>\n

\u201cThe problem with that is that gets into civil liberties and Second Amendment,” explained Finucane. “That\u2019s a good public dialogue, but that\u2019s a ways off.”<\/p>\n

The anti-gun lobby was quick to applaud the move.<\/p>\n

\u201cWe were heartened to see Bank of America join the list of companies stepping up to keep America safe,\u201d said Avery Gardiner, co-president of the Brady Campaign. \u201cWhy would anyone want to help finance assault weapons that are regularly used in mass shootings?\u201d<\/p>\n

Meanwhile, the National Shooting Sports Foundation lamented that they weren’t a part of the conversation.<\/p>\n

SEE ALSO:\u00a0New York Comptroller Asking Money Lenders to Put the Choke on Gun Sellers<\/a><\/h2>\n

\u201cWe as an industry would welcome the opportunity to sit down with Bank of America executives and explain our industry\u2019s perspective to discuss what really would work to keep firearms out of the hands of those who should not have them,\u201d said Michael Bazinet, a spokesman for the NSSF, the firearms industry trade association.<\/p>\n

\u201cWe should be part of the discussion,” he continued.<\/p>\n

Bank of America isn’t the only lending institution to turn a cold shoulder to gun companies. Citigroup recently announced<\/a> that it would no longer do business with companies that sell bump-fire stocks and \u201chigh capacity\u201d magazines.<\/p>\n

Will the trend continue?\u00a0 Given that bankers are superbly ethical people who really care about the Constitutional rights of citizens, I’m sure it won’t…\u00a0 Yeah, and if you believe that, I got a bridge I want to sell you.<\/p>\n

\ufeff<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u201cWe have just a handful of manufacturers. They know what our intentions are,\u201d said BoA vice chairwoman Anne Finucane. \u201cIt\u2019s our intention not to finance these military-style firearms for civilian use.\u201d<\/p>\n","protected":false},"author":34,"featured_media":90358,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_specdata_upc":"","_specdata_placement":"","footnotes":""},"categories":[7,111,216],"tags":[132,607,122],"featured":[],"hunt365":[],"class_list":{"0":"post-90355","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-gunsamerica-authors","8":"category-industry-news","9":"category-s-h-blannelberry","10":"tag-buzz","11":"tag-news","12":"tag-r2kba"},"yoast_head":"\nBank of America: 'Full Stop' on Lending Money to AR Makers<\/title>\n<meta name=\"description\" content=\"\u201cWe have just a handful of manufacturers. 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