Bank of America , the second-biggest U.S. bank, will stop lending to companies that run private prisons and detention centers.
A detention center for migrants in Homestead, Fla. Public outcry over centers like this helped drive Bank of America to announce it will stop lending to the industry.
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, N.C., lender also met with its Latino and black leaders. Steve Owen, a CoreCivic spokesman, said Bank of America misrepresented the company and based its decision on politics.
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