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


Bank of America will stop lending to gun manufacturers that make "military-style firearms" for civilians, the bank's vice chair announced in an interview Tuesday.

"We have let them know that we are going to, it's not our intent to underwrite or finance military-style firearms in a go forward basis", Anne Finucane, vice chair for Bank of America told Bloomberg.

The bank 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.

According to Bloomberg, 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 February 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.

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"These are clients we have enjoyed a relationship with", Finucane said. Investors including BlackRock and State Street are engaging with companies in their portfolios over firearms policies.

The second-biggest USA bank announced Tuesday that it would drop current loan-customers Vista Outdoors, Remington and Sturm Ruger, and blackball any other manufacturer of assault weapons.

Ms. Finucane, who is listed at her company biography as head of BoA's "environmental, social and governance efforts" said she expects to lose at least some of those gun-makers' other business as well.