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Blog — Senate Banking Chair Chastises BOA

Senate Banking Chair Chastises BOA, Citibank

Citibank Senate Banking Chair Chastises BOA

Senate Banking Chair Chastises BOA, Citibank

 U.S. Sen. Mike Crapo (R-Idaho), chairman of the Senate Banking Committee took to task two major banks for recent policy changes eliminating financial services to firearms manufacturers that produce AR-15s. Crapo sent letters to both Bank of America and Citibank, questioning their use of market power to withhold credit to customers and companies they disfavor, especially after receiving significant forms of government support and benefits. Crapo also questioned the banks’ collection of personally-identifiable information and how that might be used to enforce their new policies.   Earlier in the week, Federal Reserve Vice Chairman for Supervision Randal Quarles testified that...

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