One of the Largest Threats to Second Amendment

[Losing_Sanity]

I found this to be an interesting segment on American gun sales and the banking industry. Philip Watson, founder of Washington Public Relations and a Second Amendment advocate says, "Financial activism by banks is by far one of the largest emerging threats against Second Amendment rights." Banks are severing ties with businesses that are associated with the gun industry. Essentially, big businesses and big money are dictating the market, even if it is legal for Americans to purchase. It's a hard one to combat and limits your options.

US banks and financial institutions have been slowly severing ties with the gun industry

It is a slow and steady form of gun control gradually gaining momentum with limited public fanfare: If guns cannot be directly taken from the hands of citizens, the next best target is the banks and financial institutions that enable transactions or loans for the industry.

www.foxnews.com

 

[VikingsGuy]

I don't like it at all, but just for clarity, the 2A does not have any relevance to the operation of a private business. Private companies can do as they wish, and we as hunters and sportsmen/women can choose where we bank. Freedom doesn't always cut the way we would like it to, but it's still better than the alternative.

 

[Deleted member 28227]

I don't like it at all, but just for clarity, the 2A does not have any relevance to the operation of a private business. Private companies can do as they wish, and we as hunters and sportsmen/women can choose where we bank. Freedom doesn't always cut the way we would like it to, but it's still better than the alternative.

I agree about the private business component of your statement, if Patagonia doesn't want to do orders of OG corporate accounts that's fine, but this article talks about state governments dictating who banks can work with, in my mind that is an entirely different can of worms.

 

[kylemcintyre67]

Maybe the gun industry can get together with the cannabis industry and create banks for themselves. It will be a better type of bank, with hookers and blackjack.

 

[Losing_Sanity]

I don't like it at all, but just for clarity, the 2A does not have any relevance to the operation of a private business. Private companies can do as they wish, and we as hunters and sportsmen/women can choose where we bank. Freedom doesn't always cut the way we would like it to, but it's still better than the alternative.

Well put... At some point though, the systematic removal of our options will win out. And we will be wishing there was more that we could do to stop it.
Good time for a bank to get more revenue. Market themselves as pro second amendment and get the business of sportsmen and gun marketing. IMO...

 

[Deleted member 28227]

Maybe the gun industry can get together with the cannabis industry and create banks for themselves. It will be a better type of bank, with hookers and blackjack.

Wait wait wait, are you trying to say banks don't gamble and solicit?

 

[kylemcintyre67]

Nahh just they are just exclusive about who gets to participate.

 

[rwc101]

Maybe the gun industry can get together with the cannabis industry and create banks for themselves. It will be a better type of bank, with hookers and blackjack.

In fact, forget the bank.

 

[Losing_Sanity]

In fact, forget the bank.

How did I know that was coming...

 

[VikingsGuy]

state governments dictating who banks can work with, in my mind that is an entirely different can of worms.

I agree entirely, and while there has undoubtedly has been chilling behavior/rhetoric, and undoubtedly the anti-gun folks want the government to go further, I am not aware of any specific passed/signed legislation that would come under 2A scrutiny, but certainly, we are on pace to see some in the future. We need a new federal "Title" that says no business open to general commerce shall discriminate basis its customers (or their suppliers) exercise of their 2A rights. But we don't have the votes for that to pass.

 

[Deleted member 28227]

I agree entirely, and while there has undoubtedly has been chilling behavior/rhetoric, and undoubtedly the anti-gun folks want the government to go further, I am not aware of any specific passed/signed legislation that would come under 2A scrutiny, but certainly, we are on pace to see some in the future. We need a new federal "Title" that says no business open to general commerce shall discriminate basis its customers (or their suppliers) exercise of their 2A rights. But we don't have the votes for that to pass.

Can a bank refuse do do business with a church? Like can BOA say we won't lend to catholic businesses?

(I actually don't know and am wondering)

 

[VikingsGuy]

Can a bank refuse do do business with a church? Like can BOA say we won't lend to catholic businesses?

(I actually don't know and am wondering)

While banks aren't considered "public accommodations" under the Civil Rights Act, there is the Equal Credit Opportunity Act that would prevent a bank from not extending credit to a person or church on basis of religion. I am not sure if the ECOA extends to other business/commercial activities within the broad category of banking.

 

[88man]

Can a bank refuse do do business with a church? Like can BOA say we won't lend to catholic businesses?

(I actually don't know and am wondering)

Yes of course they can even if its High fees-don't return calls-include language in agreements they can't agree to-pick a a poisonous account manager to handle the account. Lots of ways to make sure someone doesn't do business with you.

 

[88man]

While banks aren't considered "public accommodations" under the Civil Rights Act, there is the Equal Credit Opportunity Act that would prevent a bank from not extending credit to a person or church on basis of religion. I am not sure if the ECOA extends to other business/commercial activities within the broad category of banking.

Yes but they could have higher fees/rates/unfavorable terms etc

 

[Losing_Sanity]

Well, if a bank fails because of refusing to do business with certain groups, it's okay. The government will just bail them out. So private party or individuals choosing not to do business with a bank that does this stuff really is not an option.

 

[ignorethefringes]

Can a bank refuse do do business with a church? Like can BOA say we won't lend to catholic businesses?

(I actually don't know and am wondering)

Most, if not all, financial institutions have a list within their formal loan policy of property types they will not lend against. I have reviewed many that listed churches alongside other types such as strip clubs, casinos, bars, etc. As long as they are excluding all churches they won't run afoul of any issues I believe. No one wants to risk foreclosing on God, that's some bad PR from what I've been told lol.

 

[SAJ-99]

Can a bank refuse do do business with a church? Like can BOA say we won't lend to catholic businesses?

I think a bank might have a better chance of getting away with it if it said we don't loan to any religious organizations, but it can't pick a specific religion. That would definitely be discriminatory. Going to court either way.
The reality is that corporate America is taking a stand on these types of social issues. If it is against something we care about (2A) we probably hate it. If it is for something we like (public lands) we probably like it. Corporations are still capitalists enterprises, so money is the bottom line. When we look at any situation like this, we need to figure out whether we are in the majority or the minority. We can scream about "violations of rights! blah, blah, blah", but if there are enough people on the other side supporting the move, we have a losing position. It's not just corporations, investors are too. Energy companies have declined from being 15% of the S&P to under 3%. Welcome to America, where money talks.

 

[VikingsGuy]

Yes but they could have higher fees/rates/unfavorable terms etc

Terms/fees/rates must not vary by religious affiliation (or none) - no doubt a lawbreaking bank could mess around with these under various sham rationales - see "Redlining"

 

[VikingsGuy]

Most, if not all, financial institutions have a list within their formal loan policy of property types they will not lend against. I have reviewed many that listed churches alongside other types such as strip clubs, casinos, bars, etc. As long as they are excluding all churches they won't run afoul of any issues I believe. No one wants to risk foreclosing on God, that's some bad PR from what I've been told lol.

Recognizing churches as an asset category as lacking fluid and predictable markets and therefore not accept them as collateral is not a discrimination basis religion.

 

[VikingsGuy]

Well, if a bank fails because of refusing to do business with certain groups, it's okay. The government will just bail them out. So private party or individuals choosing not to do business with a bank that does this stuff really is not an option.

I hate crony capitalism!