(CNSNews.com) - Bank CEOs don't know what kind of reporting they'll be required to do, now that a new merchant category code has been assigned to credit card purchases at gun stores.
But banks will not voluntarily divulge such purchases, one bank CEO told the House Financial Services Committee on Wednesday:
"This is a developing area at this particular time," said William Rogers, Jr., chairman and chief executive officer of Truist Financial Corporation.
"So our position -- we'll follow the rules that are part of this system. But as of today, we'll also protect the -- follow the law, protect the rights of our consumers in terms of reporting.
“So I can't speak to exactly what will be required in terms of reporting, but that won't be something that we'll do on a voluntary basis."
Banks don't control the Merchant Category Codes (MCCs), which are assigned to broad categories of goods and services.
Rep. Alex Mooney (R-W.V.) noted that "leftist activists" have successfully pressured the International Organization for Standardization and the major credit card companies to adopt a new MCC for firearm and ammunition purchases, which they say can be used to flag "suspicious purchases."
But lawful gun purchases could be targeted as well: "To me, it seems like a straightforward way to target gun owners without actually helping prevent crime," Mooney told the committee.
Mooney noted that his state of West Virginia is one of the most pro-Second Amendment states, and therefore, one of the safest states in the union. He said his constituents are now considering cash-only purchases for guns and ammunition, because they worry what the federal government will do with the credit card data.
"Never before have we seen an administration weaponize financial regulators and pressure lenders to push its agenda like we see with the Biden administration. I feel this is one step closer to a back-door gun registry. Banks and corporations must resist this political pressure," Mooney said.