Activist groups focused on illegal immigration have been protesting major banks that offer financing to private companies managing federal detention centers. It seems their efforts are paying off.
Recently, a group called De-ICE Citizens Bank celebrated what they called a victory after Citizens Bank publicly announced it would end its financial agreements with CoreCivic and GEO Group, which operate detention facilities. The group expressed on social media, “This is an incredible victory for all those who refuse to let large banks fund the suffering caused by ICE detention! Community resistance matters.”
However, Citizens Financial Group, in a statement, emphasized that political pressure was not the reason for their decision. They articulated disappointment that activists have turned the matter into a political issue, asserting that public perceptions shaped by these groups do not align with the bank’s identity or mission. The bank claimed they remain committed to their customers and the community.
According to Citizens Bank, the decision was driven by a shift in the capital needs and financial structures of these companies after new federal guidelines were implemented. They insisted that their choice was a business decision, not a reflection of their views on the companies involved.
The bank also highlighted its collaborations with nonprofits aiding immigrant communities, asserting that these virtues are overlooked by the activists. “None of these virtues seem to matter because activist groups seek to define us through a narrow lens that contradicts our true nature,” they stated.
Despite the progress made, the De-ICE Citizens Bank activists indicated that their work is far from finished. They are urging the public to support a termination of all financial relations with CoreCivic, GEO Group, and any other private prison businesses, suggesting that other banks are already adhering to this standard.
