RBC Accused of Discriminating Against Firearm Businesses

The Royal Bank of Canada (RBC), one of the world's top banks, has been accused of discriminating against the firearm industry in the United States. Despite having a significant presence in the country, RBC reportedly restricts lending to businesses involved in firearms and ammunition.

Nate Treadaway, CEO of Vigilant Gear LLC, recently shared his experience with RBC on LinkedIn. He claimed that First American Equipment Finance, an RBC subsidiary, reached out to him wanting to do business but later revealed they wouldn't deal with companies related to guns.

This is not the first time RBC has faced scrutiny for its discriminatory policies towards firearm businesses. In 2020, Louisiana Governor Jeff Landry disqualified RBC from competing for state bonds due to their stance on gun-related industries. Additionally, Reuters reported that RBC was investigated by the SEC's Texas office for allegedly violating state laws against discriminating against firearm businesses.

The incident highlights the ongoing issue of 'woke' banking discrimination in the US, which has been a contentious topic among lawmakers and industry leaders. The Treasury Department's Office of the Comptroller of the Currency (OCC) published a Final Rule prohibiting banks from requiring or encouraging institutions to close customer accounts based on political or social views.