Bank of America to stop financing operators of private prisons, detention centers

June 26 (Reuters) – Bank of America Corp said on Wednesday it will no longer finance operators of private prisons and detention centers, joining peers in distancing itself from a sector that has triggered protests over the Trump administration’s immigration policies.

The bank gave no further comment. JPMorgan Chase & Co and Wells Fargo & Co. made similar commitments to stop financing private prison companies earlier this year.

Activism against the financing of private prisons has increased amid tightening immigration policies under U.S. President Donald Trump and concerns about detention conditions. Private detention centers account for about two-thirds of people held by U.S. Immigration and Customs Enforcement, S&P Global Ratings estimated last year.

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