Fifth Third Bank (5/3 Bank)

Ohio
Banks

Risk Level:

Rating - Danger
High Risk

Summary:

Fifth Third Bank has closed accounts and refused financing to groups based on ideological characteristics. The bank has also committed to advocacy for LGBTQ causes and supports critical race theory training for its employees while failing to protect those employees' viewpoints in its nondiscrimination policy. However, the bank does not use corporate funds to support ideological groups hostile to freedom of expression or discriminate against religious organizations. For these reasons, Fifth Third Bank 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

Fifth Third Bank canceled its corporate sponsorship of the Florida Tax Credit Scholarship Program, a program that enabled underprivileged children a chance to attend a local parochial school but later reversed its decision (1). The bank also decided to quit financing GEO Group, a private prison, after social pressure resulting from then-President Trump’s immigration policy. The bank has since ceased providing financing to all private prisons (2). Fifth Third received a score of 100 on the Corporate Equality Index from the Human Rights Campaign. Among other requirements, this means Fifth Third has pledged to vet vendors based on LGBTQ policies (3).

Criteria

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

Risk Level
Rationale

Fifth Third enables employee matches to eligible educational institutions (e.g., colleges) without discrimination. However, in its grant application through the foundation, individual churches are not eligible to apply for grants (1) (2).

Criteria

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

Risk Level
Rationale

Fifth Third Bank’s discrimination policy does not protect against 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

Fifth Third Bank has put 100% of its employees through “unconscious bias” training and has developed a toolkit called “From Awareness to Advocacy” (1). The toolkit suggests reading critical race theorists Ibram Kendi, Robin DiAngelo, and Ta-Nehisi Coates, as well as donating to the American Civil Liberties Union and a host of progressive advocacy organizations (2). The bank has also committed to multiple acts of advocacy for the LGBTQ community (3).

Criteria

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

Risk Level
Rationale

Fifth Third Bank has pledged over $2 billion to the Black Lives Matter movement and related causes (1)(2).

Criteria

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

Risk Level
Rationale

Fifth Third Bancorp has used its political contributions in a business-focused and non-ideological manner (1) (2).

All links were last accessed and all information was updated on:
March 29, 2023

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