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20×102mm Vulcan
BofA Will Stop Lending to Makers of Assault-Style Guns
Gunmakers’ reaction is ‘mixed,’ as Brady Campaign praises move
Gunmakers’ reaction is ‘mixed,’ as Brady Campaign praises move
- ‘Why would anyone want to help finance assault weapons?’
- Bank of America Corp. plans to stop lending to companies that make assault-style guns used for non-military purposes.
“It’s our intention not to finance these military-style firearms for civilian use,” Anne Finucane, a vice chairman at Bank of America, said Tuesday in a Bloomberg Television interview. The firm has had “intense conversations over the last few months” with those kinds of gun manufacturers to tell them it won’t finance their operations in the future, she said.
It’s the first time an executive at the nation’s second-largest bank has publicly laid out how it will deal with gun-industry clients following Feb. 14 shootings at a high school in Parkland, Florida, that left 17 people dead. The massacre set off a wave of pressure on banks, payments processors and other firms to cut services to the firearms industry and on money managers to stop investing in gunmakers. The response has varied.
Read more: Wells Fargo’s relationship with the gun industry
