Citigroup's Policy Shift: Navigating Regulatory Waters in Banking Industry
Citigroup is reversing its 2018 policy limiting banking services to firearm sellers, due to recent regulatory changes. The banking industry has been accused of discrimination against certain political and industry groups. In response, Citigroup will update its conduct and access policies to ensure fair practices.
In a significant policy reversal, Citigroup announced on Tuesday that it will rescind its 2018 restrictions on providing services to firearm-selling retail clients. This decision stems from recent regulatory developments shaking the banking industry.
The regulatory environment has placed U.S. banks under the microscope, with allegations of denying services to specific industries and political factions. Banks defend their position, citing complex and outdated rules that sometimes hinder their service provisions.
Amidst this backdrop, Citigroup plans to revise its employee conduct and global financial access policies, explicitly ensuring no discrimination based on political affiliation. The longstanding 2018 policy concerning firearms will be retired, as the banking giant responds to political pressures and evolving legislation.
(With inputs from agencies.)
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