Citizens Bank will exit credit facilities for private prison operators CoreCivic and The GEO Group following a shift in commercial circumstances.
Citizens Bank announced it will wind down its financial relationship with private prison companies CoreCivic and The GEO Group. The bank stated the move is a business decision driven by changed commercial circumstances, specifically noting that the federal government has purchased several facilities from CoreCivic and intends to buy more from The GEO Group. While activist groups and local governments pressured the bank to cut ties due to the companies' roles in immigration detention centers under the administration, the bank maintained that the decision was not a result of political pressure. The bank argued that "debanking" based on political or religious considerations can be illegal, noting that federal regulators are currently scrutinizing whether banks improperly restrict access to financing for various industries. The announcement comes as the administration continues its crackdown on illegal immigration. Despite the bank's focus on commercial logic, the De-ICE Citizens Bank Coalition and Greater Cleveland Congregations hailed the move as a victory for those seeking to reduce the financial support of human suffering caused by ICE detention activities.