I have heard rumors that the banking industry has been told by the feds that they can no longer make business loans to gun dealers or collectors for inventory of firearms or ammunition purchases. Anyone know anything?
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Ron, this sounds like BS. I work in commercial lending and have heard nothing of the kind.Interested in the Gendarmerie - Schutzpolizei - Gemeinden - Feuerschutzpolizei - Wasserschutzpolizei - Etc. Looking For Anything Polizei Related! -
I'd check. This came from a banking source.Comment
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Originally posted by Ron Weinand View Post
I have heard this as well and heard it from an un-questionable source and a source who experienced it first hand......for the exact reasons and from the exact levels that you cited.Comment
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It's not coming from the government, it's coming from the banks themselves.......Comment
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Here's what I found on facebook:
https://www.facebook.com/McMillanGro...50946905673368
If you look at Snopes they waffle all over the place and this subject which is not unusual for them when it comes to any conservative issues.
The other company I've heard this about having banking problems is American Spirit Arms and I will ask them directly the next time I'm there as they are located close by.
I'll also ask Dillon as they are virtually located in my back yard.
I have an account with B of A and iIposed this question in regard to doing business with gun companies to one of the managers and she stated she'd heard nothing of the kind policy wise.
I suspect we all need to stay tuned at this point as see what else develops.
jimComment
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My sources say its Federal.Comment
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Hate to say it Ron, but your sources are 100% wrong.
Several larger banks and now many smaller banks have will not loan to several types of businesses (now apparently some that sell guns). This isn't a new policy for many and for some the policy was never really enforced. Some of it is on moral grounds but a lot of it (mainly with smaller banks) is that they see it as a bad financial risk (especially because they see a time when gun sellers are held responsible for the actions of the people who purchase weapons from them potentially leaving the bank "holding the bag"). Where I live liquor stores received the same treatment for many years and every business based on "adult entertainment" still does.
Ron, if your bank won't loan you money try a smaller bank or a credit union in your community, it's easier to make your case that you aren't a bad risk.
Sometimes a drawing of a flag pole is just a drawing of a flag pole.Last edited by blinky; 05-12-2014, 07:49 AM.Comment
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My impression was that the government takes orders from banks, not the other way around.Comment
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Agree for all the reasons stated above. Long been the case of many credit card processors who refuse to handle firearms related businesses or transactions.Originally posted by blinky View PostHate to say it Ron, but your sources are 100% wrong.
Several larger banks and now many smaller banks have will not loan to several types of businesses (now apparently some that sell guns). This isn't a new policy for many and for some the policy was never really enforced. Some of it is on moral grounds but a lot of it (mainly with smaller banks) is that they see it as a bad financial risk (especially because they see a time when gun sellers are held responsible for the actions of the people who purchase weapons from them potentially leaving the bank "holding the bag"). Where I live liquor stores received the same treatment for many years and every business based on "adult entertainment" still does.
Ron, if your bank won't loan you money try a smaller bank or a credit union in your community, it's easier to make your case that you aren't a bad risk.
Sometimes a drawing of a flag pole is just a drawing of a flag pole.Comment
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I don't need a loan to buy guns. My banker said it has come from official sources and he wanted to know what impact it had on people I do business with in my circle. I told him I had not heard of it before and he was on it.
I ask him if he had heard anything concerning swords or knives and he only said guns and ammunition.Comment
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Banks
I do not believe it. If it were true, the NRA would be jumping all over it.
mikeburchComment
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My friend discussed this problem with me almost 18 months ago, so it is not brand new. He is VERY well established and known both in his local area and nationally. He was turned down by several banks including one that he had done business with for 40 years.....for what was almost a counter loan amount in other times.....IOW not much money. He was told by two different bank presidents that this was a Federal restriction (he only deals in pre99 firearms) and the antique part made no difference. He was told that massive grief (not exact wording) would be imparted on the banks if they owned money or held business accounts by any type firearms dealer....the phrases arms trafficker were used and terrorist watch list.Originally posted by Ron Weinand View Post
Purely (right) coincidental to these issues with the banks he was hit was a first time IRS on site audit....it included other "agencies". After a few days he was told verbally that his records and business practices (as it relates to records and revenue tracking) was the best that agent had seen in 20+ years....and eventually he even got some money back.....
Now it is possible that the bank presidents were lying or mis-understood the Federal regulations....they cited the reg Number and I think showed my friend a copy...so I think there is SOMETHING to this.
Some of this is about not dealing in new commercial products(read new stock) items that can not be tracked from manufacture to point of sale (and beyond) and this aspect of it is what we most discussed. This aspect was stated to him by a bank officer.Comment
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Well, I see it is FINALLY in the press today and Issa's (CA) Oversight Committee in the senate is on it.Comment
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Ron is correct:
However I doubt that it can be discussed here due to the fact that it's "political" in nature.
If anyone is interested do a search for Operation Choke Point.
JimComment
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