Confirmed - Banks Have No Legal Grounds To Reject the Firearms Industry
In previous Sporting Shooter articles, we have shared stories about how the big banks have been discriminating against firearm shops and firearm industry clients over the past 12 months. It's suggested that the banks' recent rejections of those associated with the industry were in part to meet legislative requirements.
Long time firearm industry supporter Senator Bridget McKenzie had her questions answered this week by The Australian Prudential Regulation Authority (APRA) - APRA stated no specific laws to prohibit lending to firearms traders exist, to its knowledge.
“APRA is not aware of any federal or state legislation or regulation that would prevent authorised deposit-taking institutions lending to licensed firearms traders,” APRA stated.
“Lending policies can contain restrictions on lending to activities that, although legal, are outside the appetite of the individual ADI. Licensed firearms trading may be one such category.”
At the time of the first account closures, NAB told The Weekly Times that “we assess each customers’ risk to ensure we meet our legislative requirements, and we have the appropriate measures in place to manage that risk”.
Senator McKenzie said the big banks were on notice.
“There are no grounds for this type of ill-informed blatant discrimination. Their job is to back jobs and small business,” she said in a statement.
“Shooting is a significant and legitimate industry and our farmers, sporting shooters, recreational hunters and other legitimate firearms users and traders expect a level playing field.”