Citizens Financial

Rhode Island
Banks

Risk Level:

Rating - Caution
Medium Risk

Summary:

Citizens Financial has not publicly canceled any business relationships due to views or beliefs. However, in 2018, it did choose to withdraw an outstanding loan with a group drawing scrutiny for their involvement in the Dakota Access Pipeline, which had caused protests at the bank. It is unclear if the loan was not renewed due to political pressure, however. The bank advocates for LGBTQ policies and causes, and it donates to the Equality PAC. It has pledged to vet vendors for LGBTQ policies, as well. The company does not have viewpoint protection for its employees. Citizens also funded the National Urban League and abortion travel costs for its employees. For these reasons, Citizens Financial receives a "Medium Risk" rating.

Criteria
Risk Level
Rationale
Corporate Weaponization
Criteria

Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.

Risk Level
Rationale

Citizens Financial Group received a score of 100% on the Corporate Equality Index from the Human Rights Campaign (1). Among other requirements, this means the company has pledged to vet vendors for LGBTQ policies. Additionally, after a series of protests from environmental activists that included chaining themselves to the bank’s property, Citizens Financial elected not to renew a $72.5 million loan to Energy Transfer Partners, which was constructing the Dakota Access Pipeline at the time (2). Citizens Financial did not release a statement or a stated reason for canceling that specific client (3). It is unknown if the bank acted for ideological reasons.

Criteria

Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.

Risk Level
Rationale

The Citizens Charitable Foundation will not provide donations to “projects of… religious organizations whose services are limited to members of any one religious group” but will match donations to the community projects of houses of worship to which that criterion does not apply (1)(2).

Criteria

Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.

Risk Level
Rationale

Citizens Financial’s Code of Business Conduct and Ethics does not protect employees from political viewpoint discrimination (1).

Corporate Governance and Public Policy
Criteria

Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.

Risk Level
Rationale

Citizens Financial and its leaders avoid using the bank’s corporate reputation to advance ideological causes, although the bank has committed to multiple acts of public advocacy for LGBTQ causes (1). 

Criteria

Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.

Risk Level
Rationale

Citizens Financial pledged $10 million to the Black Lives Matter movement and related causes, including the National Urban League (1)(2). Citizens funds abortions and travel costs for out-of-state abortions for its employees (3). Citizens also sponsored several LGBTQ Pride parades and committed to public advocacy for LGBTQ causes (4).

Criteria

Uses corporate political contributions for ideological, non-business purposes.

Risk Level
Rationale

The Citizens Financial Group PAC contributes to the Equality PAC (1)(2).

All links were last accessed and all information was updated on:
March 28, 2023

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