Big Banks, Big Pressure, and the Second Amendment

Beginning with the Barack Obama–Joe Biden administration, financial institutions developed a deeply troubled relationship with the firearms industry. As early as 2010, NRA-ILA began receiving reports that firearm-related businesses were encountering unexplained difficulties maintaining accounts with Bank of America, though the bank repeatedly denied having any formal policy targeting gun businesses.

Those denials continued even as reports mounted. In 2012, Bank of America insisted, “We do not have a policy that would deny banking services to entities because they are in the firearms industry,” emphasizing that it maintained relationships with manufacturers and retailers alike.

That narrative unraveled in 2014 with the revelation of Operation Choke Point, an Obama-era “enforcement” initiative that pressured banks behind the scenes to sever ties with politically disfavored—but lawful—industries, including firearms. While framed as a fraud-prevention effort, Operation Choke Point functioned as a backdoor attack on the Second Amendment by weaponizing financial access.

From Government Pressure to Corporate Gun Control

President Donald Trump ended Operation Choke Point during his first term, but the damage had already been done. By 2018, major financial institutions, including Bank of America and Citigroup, had adopted internal policies demanding gun-industry clients go far beyond existing law to retain banking services.

These “safeguards” included refusing to manufacture or sell certain semi-automatic firearms, banning standard-capacity magazines, prohibiting sales to adults aged 18–20, and eliminating lawful background-check safety valves. None of these demands had anything to do with fiscal risk. They were ideological conditions—gun control imposed through financial coercion.

At least one member of the U.S. Securities and Exchange Commission reportedly cautioned banks that they were straying into social engineering rather than banking. That warning sparked outrage—not at the banks overstepping their role, but at the SEC official for daring to suggest that financial institutions should not substitute themselves for legislatures.

Congressional hearings in 2019 further exposed the divide. Banks that used their financial leverage to pressure gun manufacturers were applauded by anti-gun lawmakers, while those that refrained were publicly criticized—despite having been bailed out by taxpayers barely a decade earlier.

Following the election of President Biden, pressure on the firearms industry intensified again. One of the most concerning efforts involved attempts to track firearm purchases through credit card merchant codes. While some companies initially flirted with the idea, most eventually paused implementation after backlash from gun owners and lawmakers. In response, at least 20 states enacted laws protecting the privacy of law-abiding gun owners who use credit cards to purchase firearms; recognizing that financial surveillance is just another form of backdoor gun control.

Despite years of hostility, there are signs of change. National Shooting Sports Foundation (NSSF) Senior Vice President Larry Keane recently reported that JPMorgan Chase has reversed a policy denying banking services to manufacturers of Modern Sporting Rifles (MSRs), a term commonly used for semi-automatic firearms like the AR-15.

“There are big changes for the firearm industry when it comes to access to banking services,” Keane wrote. “JPMorgan Chase recently announced the banking giant’s policy of denying services to manufacturers of Modern Sporting Rifles is over.” This is no small development. As recently as 2021, JPMorgan CEO Jamie Dimon testified to Congress that his company would not finance manufacturers of certain semi-automatic firearms. If the policy reversal holds, it represents a meaningful step toward restoring neutrality in banking.

Keane rightly cautioned that NSSF is taking a “trust, but verify” approach. Citigroup has taken similar steps. Last year, NRA-ILA Executive Director John Commerford welcomed Citigroup’s decision to rescind its discriminatory policies, noting that banks had been pressured by left-wing activists to restrict lawful firearm commerce.

Financial pressure, debanking, and surveillance affect every gun owner—whether they realize it yet or not. These tactics are now being used alongside legislative attacks, such as first-of-their-kind firearm bans based on operating systems rather than cosmetic features, to incrementally choke off Second Amendment rights. This is not theoretical. These policies have real-world consequences.

2 If By Sea Tactical knows this fight firsthand. As Southern Minnesota’s source for all things Second Amendment, and your Premier Indoor Range and Firearms Store, 2 If By Sea has faced debanking issues in the past simply for operating as a lawful firearms business. These financial attacks don’t just target corporations. They target local, family-owned businesses and the communities they serve.

The good news? Gun owners are pushing back—and in some cases, it’s working. The shift we’re seeing from major financial institutions proves that resistance matters. This fight is national. The impact is local. And vigilance is non-negotiable. Stay informed. Support businesses that stand their ground. And never let financial institutions decide which constitutional rights are acceptable.

Here at 2 If By Sea Tactical we strive to bring you the best experience in the firearms world.  As we continue to grow the media arm of 2 If By Sea, make sure you keep tuning in to our Youtube and Rumble channels and right here at “The Patriot’s Almanac” to stay informed on the latest happenings in the firearm world! But we are not lawyers, so this isn't legal guidance. We are proud to be Southern Minnesota source for all things 2A.

Stay sharp, stay informed, and stay ready.