SunTrust to stop financing private prison operators
), raised roughly $1.8 billion in debt over three deals for CoreCivic and GEO Group, according to Refinitiv data.
Banks have been under pressure to cut ties with the private prison industry since U.S. President Donald Trump’s restrictions on immigration began raising concerns about the conditions inside detention centers. 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.
Earlier this year, Wells Fargo, JPMorgan Chase & Co and Bank of America made similar commitments to phase out existing relationships with private prison companies. Executives of big banks have been confronted by activists at annual shareholder meetings and grilled by lawmakers about their role in the private prison industry.SunTrust’s executives are slated to appear before the U.S. House of Representatives Financial Services Committee later this month to answer questions about the proposed tie-up. Representative Maxine Waters, who chairs the committee, has asked regulators to postpone approving the deal until the committee conducts a thorough review.
Similar moves by banks have proven to be mostly symbolic because other lenders are filling the void left by the big banks.
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