Financial companies seem to have a funny habit when their discrimination against the firearm industry gets exposed. They suddenly change their tune.
That’s what is happening in West Virginia, where state Attorney General JB McCuskey investigated financial companies after NSSF member Kent Cartridge Company, an ammunition manufacturer in Kearneysville, was denied payment-processing services. BILL and Ramp had separately told Kent Cartridge they couldn’t provide services because of “compliance and underwriting restrictions” and “restrictions from our partners.”
Now, BILL is serving Kent Cartridge and companies involved in the dispute have assured AG McCuskey they don’t discriminate against lawful firearm businesses. Of course, that’s how it should have been from the beginning.
West Virginia Demanded Answers
NSSF exposed the discrimination in July after Kent Cartridge provided communications showing it had been denied services. BILL also listed the manufacture and sale of firearms and ammunition within a restricted business category.
AG McCuskey took notice.
His office investigated whether the companies’ actions violated West Virginia’s Firearm Industry Nondiscrimination Act. The NSSF-supported law prohibits financial institutions that do business or contract with the state from discriminating against firearm entities or trade associations because they engage in lawful commerce involving firearms, firearm accessories or ammunition.
The law doesn’t require financial institutions to ignore legitimate business or financial risks. It does, however, make clear that a blanket policy refusing financial services to firearm entities does not qualify as a “business or financial reason” justifying discrimination.
That’s an important distinction. Financial institutions can make legitimate business decisions. They cannot simply decide an entire lawful industry is unworthy of financial services because they disapprove of the products it manufactures and sells for “woke” political reasons.
West Virginia backs that principle with consequences. Government entities generally cannot contract with financial institutions that discriminate against firearm businesses, and the law provides civil remedies for violations.
Sound Familiar?
Circle Internet Group, issuer of the USDC stablecoin, previously maintained terms prohibiting customers from using USDC to purchase firearms, ammunition and related products. NSSF exposed the restriction. Circle changed its terms and explicitly confirmed that USDC could be used for lawful firearm transactions.
Stripe had long barred firearm-related businesses from its payment-processing services. Then it changed course, moving firearm businesses from its prohibited category to a restricted category that allows them to seek services subject to additional review.
Citigroup reversed its discriminatory firearm industry policy in 2025. NSSF has also documented changes at other major financial institutions following years of pressure over policies targeting lawful firearm businesses. JPMorgan Chase did the same and so did Bank of America.
Different companies. Different financial products. Same pattern.
A firearm or ammunition business gets singled out. The discrimination is exposed. Regulators, lawmakers or customers start asking questions. Suddenly, policies that were supposedly necessary become negotiable, rewritten or abandoned.
That tells its own story.
Vigilance Required
This discrimination has always been particularly indefensible because firearm and ammunition manufacturers, distributors and retailers operate in one of America’s most heavily regulated industries.
The Bureau of Alcohol, Tobacco, Firearms and Explosives regulates the manufacture, distribution and retail sale of firearms. Federal law imposes extensive licensing, recordkeeping and transfer requirements. Financial institutions aren’t protecting the public by categorically denying services to these businesses. They are making a political judgment about lawful commerce involving products protected by the Constitution.
The Trump administration has moved aggressively to end that practice. President Donald Trump’s Executive Order 14331, “Guaranteeing Fair Banking for All Americans,” directed federal regulators to eliminate “reputational risk” and similar concepts that enabled politicized debanking. Federal banking regulators have since taken additional steps to remove reputational-risk considerations from supervision.
The Treasury Department’s Office of the Comptroller of the Currency also found in its review of large banks that financial institutions had made “inappropriate distinctions” among customers based on lawful business activities, including firearm-related businesses.
West Virginia is demonstrating why state protections matter, too.
Kent Cartridge shouldn’t have needed NSSF to expose what happened. It shouldn’t have required an attorney general investigation for financial companies to explain why an ammunition manufacturer operating a lawful business was denied services.
Yet scrutiny worked.
BILL is providing services to Kent Cartridge. The companies have offered assurances against firearm industry discrimination and AG McCuskey has made clear that West Virginia will enforce its protections when necessary.
That is a victory, but it is also a warning.
Circle changed. Stripe changed. Major banks changed. Now financial companies caught up in West Virginia’s investigation are changing their tune, too.
The firearm industry isn’t asking for special treatment. It is demanding equal treatment.
Financial companies would be wise to finally get the message.
Jenn Jacques is Public Affairs Manager at the National Shooting Sports Foundation.