Bank of America cuts off the makers of military style weapons

Whoa... well that's one way to start ruffling some feathers.

Washington Times Link

Bank of America officially took sides in America’s gun debate Tuesday, announcing it would no longer make loans to companies that make “military-style” weapons.

The second-biggest U.S. bank announced Tuesday that it would drop current loan-customers Vista Outdoors, Remington and Sturm Ruger, and blackball any other manufacturer of assault weapons.

Bank of America Vice Chairman Anne Finucanetold Bloomberg TV on Tuesday her bank has told those companies “it’s not our intent to underwrite or finance military-style firearms.”

Seems like a pretty big move. This isn't some Mom and Pop shop giving up the sales of a few firearms.

a reply to: MarkOfTheV

Should banks be free to discriminate?

a reply to: MarkOfTheV

Large corporation taking sides to push an agenda... Mmm tell me again (not you in particular) how the big money people are not pushing an anti-second agenda.


Ive never chosen to do business with them and I will not choose it in the future.

ETA: I imagine they are not doing a lot of buisness with the major gun makers, so its also a move to appeal to the leftist authoritarians.

Then those affected will be moving their accounts elsewhere,I'm guessing the bank has enough other accounts to turn down the money held by these companies.

a reply to: DBCowboy

Don't they already?

The bank asks -
"What are you using this money for? "

Your answer -
"To start a company that designs cutting edge weapons for the modern child."

Their answer -
"Uh no, you will not be given any money for that venture. Seek funds elsewhere. Thank you"


BUT... at the end of the day, the money they are loaning isn't theirs anyway right? Thanks to fractional reserve.

So who knows who's plate of decisions this ends up on.

originally posted by: DBCowboy
a reply to: MarkOfTheV

Should banks be free to discriminate?

No.

Are manufacturers of those weapons a protected class?

When a lender applies a policy or practice equally to credit applicants, but the policy or practice has a disproportionate adverse impact on applicants from a group protected against discrimination, the policy or practice is described as having a "disparate impact."

www.fdic.gov...

I didn't know they were still open the local ones are gone and not missed.

a reply to: MarkOfTheV

I like your response to DB. That was funny and very true. It is perfectly legal for any bank to do things like this. They may loose a few enraged customers but meh who cares.

a reply to: MarkOfTheV

In fighting their supposed fascism, the usher in, willingly, fascism.

who cares

opportunity to start a new lending company

Remington is going to have trouble get a loan from anyone.

www.nytimes.com...

Duplicate

Duplicate

I love that the establishment is now seeking to punish perfectly legal activities.

If you want to ban my guns, pass a constitutional amendment the CORRECT WAY, and then win the civil war you started.

originally posted by: Irishhaf
a reply to: MarkOfTheV


ETA: I imagine they are not doing a lot of buisness with the major gun makers, so its also a move to appeal to the leftist authoritarians.

As quoted in the OP:

The second-biggest U.S. bank announced Tuesday that it would drop current loan-customers Vista Outdoors, Remington and Sturm Ruger, and blackball any other manufacturer of assault weapons.

a reply to: Phage

*shrugs*

I guess this is another way to get rid of firearms then.


Starve the manufacturers.


Maybe they (the gun makers) should just do a Go-Fund-Me or start charging more so only the super wealthy can own them.



Either way, it sucks.

a reply to: DBCowboy

Gun manufacturers should start taking BTC.

a reply to: DBCowboy

Maybe instead of doing away with banking regulations they should be making more?

“it’s not our intent to underwrite or finance military-style firearms.”

I found this statement to be tragically humorous and ironic considering that the family who owns that bank has financed just about ever war since war was created.

originally posted by: Phage
a reply to: DBCowboy

Maybe instead of doing away with banking regulations they should be making more?

Making more regulations or guns?