In a move that is sure to enrage customers, the Bank of America has sided with the gun control lobby and decided it will back unconstitutional policies. They will no longer be providing loans (and we can assume this also counts as overdraft facilities) to gun manufacturers who do not comply with their arbitrary ideas on what makes “safe” gun construction.
Companies who will not have access to these banking facilities are those that allow their products to be sold to under 21s, high capacity magazine makers etc… Basically, all of the tropes that David Hogg has been rattling on about.
They have had “consultations” with their clients and some have decided to make the required changes whereas others have decided to take their business elsewhere. But here's the big problem. What happens to companies that already have loans with the Bank of America? Will their loans be called in immediately, or will they be blackmailed into complying with new rules?
Citibank has also expressed some of the same ideas.
In fact, it is pretty much only Wells Fargo that is holding true. They stated that it was not their business to make gun laws:
“The best way to make progress on these issues is through the political and legislative process. In the meantime, Wells Fargo is engaging our customers that legally manufacture firearms and other stakeholders on what we can do together to promote better gun safety in our communities.”