SunTrust Bank Incorporated said it will not provide future financing to companies that manage private prisons and immigration holding facilities, according to YahooNews.
What We Know:
- On July 8, SunTrust Bank decided they will no longer finance companies that manage private prisons and immigration holding facilities.
- According to YahooNews, “SunTrust is one of several banks that have underwritten bonds or syndicated loans for at least one of the major private prison operators in the United States, CoreCivic Inc and GEO Group Inc.”
- Immigrants are being mistreated and packed in detention centers. Migrants were also held by the Border Patrol for up to a month without enough food, hygiene, or laundry facilities.
- SunTrust executives are set to appear before the U.S House of Representatives Financial Services Committee later this month to discuss their financial pull out.
- Private detention centers account for about two-thirds of the people held by U.S Immigration and Customs Enforcement, S&P Global Ratings estimated last year, according to YahooNews.
Earlier this year, Wells Fargo, Bank of America and JPMorgan Chase & Co made similar commitments to drop their financial doings will private prison companies.
