WASHINGTON, DC — Gun Owners of America (GOA), along with the NRA’s legislative arm and several other pro-Second Amendment organizations, have issued a joint letter to the heads of JPMorgan Chase, Bank of America, and the Bank Policy Institute, demanding an immediate end to what they describe as discriminatory “debanking” practices targeting gun owners, firearms manufacturers, and retailers.
In the letter, dated September 23, 2025, the coalition accused the nation’s largest banks of cutting off access to financial services for lawful firearms businesses based on ideology rather than risk or creditworthiness. The groups said that for decades, mainstream financial institutions have denied loans and banking services to manufacturers and retailers, forcing many into smaller regional banks and creating uncertainty for businesses simply trying to operate legally.
The letter pointed to a 2019 congressional hearing in which Bank of America committed to stop lending to companies making so-called “military-style rifles for civilian use,” while JPMorgan CEO Jamie Dimon said his institution would consider similar policies if its risk committee deemed them appropriate. According to the coalition, those statements made clear that America’s most popular firearms — used in hunting, self-defense, and sport shooting — were being singled out for exclusion from the financial system.
The groups also pushed back on more recent claims from bank representatives suggesting that regulatory pressure from Obama- and Biden-era officials was behind the restrictions. Instead, they argued that the banks had previously justified their actions by citing corporate values and “social responsibility,” not legal requirements. The letter called this “revisionist history” and demanded that the banks take responsibility for their own policies.
The push comes as the political landscape around financial access and firearms shifts sharply. In August, President Donald Trump signed an executive order titled “Guaranteeing Fair Banking for All Americans,” directing regulators to prohibit banks from denying services based on political or ideological considerations. That order specifically targeted the use of “reputational risk” language, which had been used in the past by regulators and financial institutions to justify cutting ties with lawful gun businesses.
Some banks have already begun reversing course. Citigroup recently dropped its policy that restricted certain firearm sales, while Bank of America has shifted from a blanket ban to what it calls “enhanced due diligence” for firearm-related clients. Still, the gun rights coalition argues these moves fall short of the clear public commitment they are seeking.
From a Second Amendment perspective, the issue goes beyond business. Equal access to banking ensures that law-abiding Americans can continue to exercise their constitutional rights without being sidelined by corporate agendas. As the letter makes clear, the coalition is demanding that the country’s largest banks make a public pledge — not only to end discriminatory practices, but also to ensure fairness and neutrality in the financial marketplace moving forward.
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