Lander hails decision to create merchant category code for gun-makers
They urge swift implementation for crime-fighting measure
On Tuesday, New York City Comptroller Brad Lander, the Amalgamated Bank, trustees of several New York City official retirement funds, New York State Attorney General Letitia James and others held a press conference applauding the recent decision by the International Organization for Standardization to approve the application by Amalgamated Bank to create a new merchant category code (MCC) for standalone gun and ammunition stores.
The three pension funds own 667,200 thousand shares in American Express valued at approximately $92.49 million; 1.1 million shares in Mastercard valued at approximately $347.59 million; and 1.85 million shares in Visa valued at approximately $363.86 million as of June 30, 2022.
“We all need to do our part to prevent gun violence, and the creation of a merchant category code for gun stores will enable financial institutions to do theirs. Now, gun and ammunition stores will be identified, just as bike shops or clothing stores already are. As shareholders, we will continue to engage with the major credit card companies to ensure these codes are implemented and utilized to curb illegal activity,” said Lander.
An MCC is a four-digit number that financial institutions use to identify businesses by the types of goods or services sold. Currently, many businesses are issued a distinct MCC, from clothing stores and transportation providers to very specific types of businesses such as shoeshine shops, and wig and toupee stores.
However, there has been no MCC for standalone gun and ammunition stores. With the creation of this code, financial institutions now have a new tool to detect and report suspicious activity at gun and ammunition retailers associated with criminal activity, Lander said.
Lander, Mayor Eric Adams, AG James and other state and city officials called for the creation of a code last month as the ISO meeting approached.