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NRA investigating story concerning Bank of America

Friday, April 27, 2012

On April 19, McMillan Group International, a well-respected manufacturer of precision rifles, rifle stocks and accessories, reported that Bank of America had asked McMillan to close its accounts with the bank.

The NRA strongly believes that it is completely unacceptable for a bank to refuse its services to a business simply because the business is in the firearms industry. For that reason, we have been in contact with both McMillan and the bank to gain a complete understanding of what happened and why, and to provide McMillan with information and assistance in an effort to solve the problem if possible.

NRA-ILA staff contacted both the bank's CEO and its government affairs office, requesting a complete and clear statement on bank policy regarding businesses in the firearms industry.

In response to our inquiries, NRA has received a letter from the bank's government affairs office, which states in part, "We do not have a policy that would deny banking services to entities because they are in the firearms industry. Bank of America has banking relationships with retailers, manufacturers and other related companies." The full letter is available here.

In addition, a story on the controversy appeared on Fox News.

Needless to say, we will continue to monitor this issue and will provide any updated information as it becomes available.

Bank of America

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Established in 1975, the Institute for Legislative Action (ILA) is the "lobbying" arm of the National Rifle Association of America. ILA is responsible for preserving the right of all law-abiding individuals in the legislative, political, and legal arenas, to purchase, possess and use firearms for legitimate purposes as guaranteed by the Second Amendment to the U.S. Constitution.