This is part of a plan being pushed by congressional Democrats after Amalgamated Bank of New York, a progressive bank that often involves itself in social issues, made repeated attempts to push for the new code, all of which were denied....Merchant category codes are made up of four digits and are used across all sorts of industries as a means to classify retailers, while not revealing individual product purchases. Credit card companies currently lump firearm retailers in with other outlets, classifying them as either “5999: Miscellaneous retail stores” or “5941: Sporting Goods Stores.”
With a new code for firearms merchants, potentially suspicious purchasing patterns could be flagged to law enforcement...
If that’s so, why is Visa concerned about attempts to block transactions using these codes? I just checked and so far Elizabeth Warren hasn’t posted any tweets celebrating this outcome. She’ll probably get around to it this weekend.
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