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Thu Jun 27, 2019, 02:25 PM

Bank 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. “We’ve done our due diligence that we said we would do at the annual meeting, and this is the decision we’ve made.’’

The move followed a review by the bank’s 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 America’s ESG efforts.

https://www.bloomberg.com/news/articles/2019-06-26/bank-of-america-will-stop-lending-to-private-prison-companies

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Reply Bank of America Will Stop Lending to Private-Prison Firms (Original post)
Yo_Mama_Been_Loggin Jun 27 OP
Claritie Pixie Jun 27 #1
ConstanceCee Jun 27 #2
Initech Jun 27 #3
Leghorn21 Jun 27 #4
gldstwmn Jun 27 #5
nycbos Jun 27 #6

Response to Yo_Mama_Been_Loggin (Original post)

Thu Jun 27, 2019, 02:28 PM

1. Good. Hopefully others will follow suit.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jun 27, 2019, 03:01 PM

2. Long Overdue

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.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jun 27, 2019, 03:03 PM

3. Excellent! A step in the right direction!

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jun 27, 2019, 03:04 PM

4. Well well!!

this is excellent news indeed!!

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jun 27, 2019, 03:35 PM

5. Color me shocked.

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Response to Yo_Mama_Been_Loggin (Original post)

Thu Jun 27, 2019, 07:00 PM

6. They knew it would be a PR nightmare if they didn't.

Now they'll get positive press and more likely more business for doing the right thing.


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