April 10, 2018 / 11:19 PM / in 8 months

BofA to stop lending to some makers of military firearms: Bloomberg

FILE PHOTO: A Bank of America logo is seen in New York City, U.S. January 10, 2017. REUTERS/Stephanie Keith/File Photo

(Reuters) - Bank of America Corp (BAC.N) plans to stop lending to companies that make military-style firearms for civilians, Bloomberg reported on Tuesday, making it the second major U.S. lender to address gun sales after the Florida high school shooting that left 17 dead in February.

The company is in discussions with a few manufacturers who make military-style firearms for civilians, Bank of America’s vice chairman, Anne Finucane, told the news agency in an interview.

“It is not our intent to underwrite or finance military style firearms on a go-forward basis,” she said.

A spokesman for Bank of America declined to comment on the report.

Last month, Citigroup Inc (C.N) added restrictions on firearm sales for new retail sector clients, requiring them to sell firearms only to customers who passed a background check, restricting sales for buyers under 21, and not sell so-called bump stocks or high-capacity magazines.

The second-deadliest shooting at a U.S. public school re-ignited the long-running national debate over gun rights, pitting many of the students who survived the Feb. 14 high school shooting in Parkland, Florida, against powerful gun rights groups like the National Rifle Association.

Reporting by Philip George in Bengaluru; Editing by Matthew Lewis

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