Governor Newsom signed AB 1587 by Assemblymember Phil Ting (D-San Francisco) today, bringing in financial institutions as partners to help prevent gun violence. The legislation requires banks and credit card companies to implement the newly-developed merchant category code (MCC) assigned to gun dealers in California, allowing them to flag suspicious activity.
“We must use every tool possible to end our gun violence epidemic. Financial institutions can now be a part of our efforts since they are in a unique position to flag buying patterns that no one else can. Merchant codes are already assigned to other retailers, and the gun industry should be included. Identifying large purchases of firearms and ammunition can be instrumental in helping California prevent tragedies and to save lives,” said Ting.