Bank of America to stop lending to military-style weapons makers

By Luis Sanchez - 04/10/18

A Bank of America executive announced Tuesday that the bank will stop lending money to companies that manufacture "military-style" rifles that are available for civilians to purchase.

Anne Finucane, Bank of America’s vice chair, told Bloomberg TV that the bank doesn’t want to “underwrite or finance military-style firearms” and has told a number of gun manufacturers that it will no longer do business with them.

The bank has lended to the gun makers Vista Outdoor, Remington and Sturm Ruger, CNBC reported.

Bank of America had said that after the shooting in Parkland, Fla., in mid-February it was exploring ways it could contribute to stemming gun violence. The confessed gunman in that shooting used an AR-15-style rifle.

"These are clients we have enjoyed a relationship with," Finucane said. "There are those I think will reduce their portfolios and we'll work with them and others that will choose to do something else."

Asked if Bank of America would stop doing business with retailers that sell assault weapons, Finucane said that would involve complicated issues dealing with civil liberties and the Second Amendment.

"That's a good public dialogue, but that's a ways off," she said.

Finucane said that reaction from gun manufacturers to Bank of America’s decision has been mixed.