Bank of America Will Stop Lending to Private-Prison Firms
- Decision follows site visits, talks with civil rights leaders
- JPMorgan, Wells Fargo previously said they would exit business
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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.’’