Did Citibank Shut Down a Gay Social Networking Startup’s Bank Account over Underwear? (Update)

Fabulis, a gay social networking startup, discovered yesterday that Citibank has shut down its bank account over "objectionable content” on its blog, which is a Tumblr site that features a lot of pretty, fully-dressed men, some hoodies, and colorful underwear with the word "Fabulis" on them.

In an update posted today on Fabulis' blog, Fabulis founder and CEO Jason Goldberg said that a Citibank manager "let us know that a compliance review occurred, which Citi says is a standard procedure, and the review officer determined the “content was not in compliance with Citibank’s standard policies.” They requested the account be terminated."