Big banks blinking on discrimination against firearms industry

by Larry Keane

6:00am Friday, June 27, 2025

Big banks are blinking in the stare down over discrimination against the firearm industry — so much so that even The Wall Street Journal is taking notice.

The issue of financial discrimination has been a top priority for NSSF in what can only be described as a David vs. Goliath battle of wills. The firearm industry is a $93 billion-a-year industry that faced off against the combined economic strength of the banking industry, which tops $23.6 trillion in assets and a net income of $260 billion in FY 2022. That’s like slinging a pebble against a giant.

But persistence pays off and now the giant is thinking the fight isn’t worth the cost.

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WSJ reported, “Big banks are trying to get out of the crosshairs of Republican states that are cracking down on companies for ‘woke’ policies that conservative policymakers say are illegal and discriminatory.”

Those meetings involved JPMorgan Chase, Citigroup and Wells Fargo, as well as other big bank representatives, and officials in Texas and Oklahoma. Interestingly, those are the same banking institutions that had, and some continue to have, policies to refuse banking services to firearms-related businesses. Citigroup recently recanted its anti-gun positions and publicly stated it would conduct business based on financial risk instead of the ill-defined “reputational risk” that banks used to justify freezing out gun and ammunition businesses. NSSF is cautiously optimistic that Citigroup’s reversal is genuine, but we’re watching and waiting for evidence that firearm businesses are again banking with the corporate financial provider. “Trust but verify,” as President Ronald Reagan used to say.

FIND Act

It’s also not coincidental that both Texas and Oklahoma have Firearm Industry Nondiscrimination (FIND) Acts on the books. NSSF was successful in passing the FIND Act in 11 states, which prohibits state agencies and local government entities from entering into taxpayer-funded contracts with corporations that discriminate against members of the firearm industry.

Texas Gov. Greg Abbott signed the FIND Act into law in 2021. Texas Attorney General Ken Paxton followed up by denying Citigroup competition for state bonds in 2023 because of their discriminatory practices, a move that cost the corporate banking giant $3.4 billion when they were barred from underwriting state bonds. Most recently, he warned Austin City officials that contracts in which it entered with WEX Bank violate the FIND Act and warned them to amend the contract or face legal action. WEX Bank debanked Defense Solutions Group (DSG), a military and law enforcement provider specializing in high-end equipment. AG Paxton says that’s a clear violation of the law.

Oklahoma’s Gov. Kevin Stitt signed his state’s FIND Act earlier this year, after years of telling attendees of NSSF’s Governors’ Forum at SHOT Show that banking discrimination has no home in Oklahoma and he would sign the bill once it got to his desk. The bill was held up in the legislature by Senate President Greg McCortney, despite having overwhelming support in both the state’s House of Representatives and Senate. When Sen. McCortney was defeated in a Republican primary, the bill finally made it to Gov. Stitt. He was true to his word and inked his signature.

The difference of an election

It’s not just pressure from state lawmakers and executives. Big banks are rethinking their discriminatory practices now that President Donald Trump is back in the White House, WSJ also reported. According to their reporting, President Trump is considering an executive order to address “debanking.” It’s personal for President Trump, as First Lady Melania Trump was debanked.

That follows President Trump’s direct comments to Bank of America CEO Brian Moynihan while speaking at the World Economic Forum 2025 in Davos, Switzerland, earlier this year. His remarks included JPMorgan Chase for their discriminatory policies, too.

“You and Jamie (JPMorgan Chase CEO Jamie Dimon) and everybody else, I hope you start opening your banks to conservatives,” President Trump said directly to Moynihan. “What you’re doing is wrong.”

There’s also congressional pressure, too. U.S. Senate Banking Chairman Tim Scott (R-South Carolina) introduced NSSF-backed legislation to ban the use of the ill-defined and politically motivated “reputational risk” assessment with S.875, the Financial Integrity and Regulation Management (FIRM) Act. That bill earned the support of Treasury Secretary Scott Bessent and was quickly approved by the Senate Banking Committee.

Similar FIND Act legislation is pending in Congress. U.S. Sen. Steve Daines (R-Montana) introduced S.137, and U.S. Rep. Jack Bergman (R-Michigan) introduced H.R.45, both titled the Firearm Industry Nondiscrimination (FIND) Act.

NSSF has also worked closely with Congress to advance the Fair Access to Banking Act, introduced by Sen. Kevin Cramer (R-North Dakota) as S.401 and by Rep. Andy Barr (R-Kentucky) as H.R.987 under the same title. The Fair Access to Banking Act would stop corporate banks from picking winners and losers based on executives’ personal politics. The legislation also protects banks from outside pressure by special interest groups seeking to use the banks as a weapon to advance their political agenda.

It’s been years in the making and change doesn’t come easy. Discrimination against firearm and ammunition businesses gained momentum through the Obama administration’s illegal Operation Choke Point, where the Department of Justice (DOJ) and Federal Deposit Insurance Corporation (FDIC) teamed up to debank firearms-related businesses under the auspices of “reputational risk.” After that was found to be illegal by Congress, the practice went private with a nod and a wink from the Biden administration. NSSF has been persistent, however, and with a little help, is getting the banking giants to blink.

Republished with permission from NSSF.