NEW YORK—Citigroup plans to prohibit retailers that are customers of the bank from offering bump stocks or selling guns to people who haven't passed a background check or are younger than 21.
Citigroup is the first major banking institution to set restrictions on the firearms industry, which has been a touchy issue for financial institutions.
The bank is imposing the restrictions on companies that use it to issue store credit cards or for lending and other services, according to a Bloomberg report.
The lender also barred the sale of high-capacity magazines.
“The policy was designed to respect the rights of responsible gun owners while helping to keep firearms out of the wrong hands,” Citigroup Chief Executive Officer Mike Corbat said in a memo to staff, according to the Bloomberg report. “It is clear to me that most people believe there are areas of agreement and practical changes we can make to find common ground.”