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Bank of America Will Stop Lending to Private-Prison Companies

June 26, 2019, 6:56 PM

Bank of America Corp. said it will stop lending to companies that run private prisons and detention centers.

“We have decided to exit the relationship’’ with companies that provide prisoner and immigration detention services, Vice Chairman Anne Finucane said 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.’’

Anne Finucane
Photographer: Michael Nagle/Bloomberg

The bank decided to back away from the industry after a review by its environmental, social and governance, or ESG, committee, which included site visits and consultation with clients, civil rights leaders, criminal justice experts ...