Bank of America will fund assault-type rifle maker

By StocksFOXBusiness

Bank of America to provide financing to Remington Outdoor

FBN's Cheryl Casone on Bank of America to provide financing to Remington Outdoor weeks after its pledge to stop loaning money to companies that make assault weapons.

Bank of America may be making an about-face when it comes to financing certain gun makers.

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Bank of America is preparing to provide financing to Remington Outdoor, which makes assault-type rifles, just weeks after the bank said it would stop financing “military-style” firearms for civilians, according to the New York Post.

The bank, reportedly contributing $43.2 million to a $193 million lending package funded by seven banks, according to court documents.

The plan will help stabilize Remington as it comes out of bankruptcy later this month.

Remington makes the Bushmaster assault-style rifle — the one used in the Sandy Hook school shooting in Connecticut in 2012.

In April, the bank said it was going to stop lending to those companies, according to Bloomberg.

At the time, Bank of America was joining Citigroup as the second major U.S. lender to address gun sales since the Parkland, Fla., high school shooting that left 17 dead on Feb. 14.

Bank of America's vice chairman, Anne Finucane, told Bloomberg, in an interview, at that time, that the company is in discussions with a few manufacturers who make military-style firearms for civilians.

"It is not our intent to underwrite or finance military-style firearms on a go-forward basis," she said.

The Parkland shooting, reignited the long-running national debate over gun rights, pitting the students who survived against gun-rights advocates like the National Rifle Association.

The bank said it does not comment on client matters, according to the New York Post.