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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBank of America Will Stop Lending to Private-Prison Firms
Bank of America Corp., the second-biggest U.S. bank, will stop lending to companies that run private prisons and detention centers.
We have decided to exit the relationship with companies that provide prison and immigration-detention services, Vice Chairman Anne Finucane said Wednesday in an interview. Weve done our due diligence that we said we would do at the annual meeting, and this is the decision weve made.
The move followed a review by the banks environmental, social and governance, or ESG, committee, which included site visits and consultation with clients, civil rights leaders, criminal justice experts and academics. The Charlotte, North Carolina-based lender also met with its internal Hispanic and black leaders.
The company will stop its activities in the industry as soon as it can, while meeting contractual obligations, said Finucane, who leads Bank of Americas ESG efforts.
https://www.bloomberg.com/news/articles/2019-06-26/bank-of-america-will-stop-lending-to-private-prison-companies
Claritie Pixie
(2,199 posts)ConstanceCee
(314 posts)This is a major step in the right direction. I want this to have an impact fast. Give these contracts to humane groups like Raices or Lutheran Immigration and Refugee Services.
Initech
(100,104 posts)Leghorn21
(13,526 posts)this is excellent news indeed!!
gldstwmn
(4,575 posts)nycbos
(6,038 posts)Now they'll get positive press and more likely more business for doing the right thing.