Citizens Financial

Rhode Island
Banks

Corprate Bias Ratings

Risk Level:

Rating - Danger
High Risk

In 2018, Citizens Financial chose to withdraw an outstanding loan with a group that had received scrutiny for their involvement in the Dakota Access Pipeline, which caused protests at the bank. It is unclear if the loan was not renewed due to political pressure. Citizens Financial vets vendors according to LGBTQ policies and does not provide viewpoint protections for its employees. The company covers abortion-related travel costs for its employees and the cost of "medically necessary transition-related care” for its employees and their children. Citizens supports and funds LGBTQ causes and organizations and pledged $10 million to BLM and related causes. The company is a PCAF member, committed to carbon neutrality by 2050. For these reasons, Citizens Financial receives a High 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

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 (1)(2). Citizens Financial Group received a score of 100 on the Corporate Equality Index. Among other requirements, this means the company has a written policy pledging to vet vendors for LGBTQ policies (3)(4).

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 guidelines require that organizations abide by its nondiscrimination policy on the basis of sexual orientation and gender identity, thereby excluding some religious charities (1)(2).

Criteria

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

Risk Level
Rationale

Citizens Financial does not provide viewpoint protections for its employees (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 has committed multiple acts of public advocacy for LGBTQ causes (1). The company is a PCAF member, committed to net zero carbon emissions by 2050 (2).

Criteria

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

Risk Level
Rationale

Citizens Financial covers travel costs for out-of-state abortions for its employees (1). Citizens Financial has a perfect score of 100 on the HRC’s 2022 Corporate Equality Index. This score indicates the company covers the cost of “medically necessary transition-related care” for its employees and their children (2)(3). Citizens Financial offers comprehensive transgender medical benefits, including hormone therapy and “gender reassignment” surgery (4). Citizens Financial pledged $10 million to the Black Lives Matter movement and related causes (5)(6). Citizens also sponsored several LGBTQ Pride parades and committed to public advocacy for LGBTQ causes (7). The company is a corporate partner of the National LGBT Chamber of Commerce (8).

Criteria

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

Risk Level
Rationale

Citizens Financial Group donated to the Equality PAC (1)(2)(3).

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

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