It has been reported that because of "concerns" by Bank of America’s (BoA) employees and stakeholders, the bank will no longer have any financial ties to people or companies that provide funding to state or federal prisoner and immigration facilities.
A spokesperson said Wednesday that Bank of America (BAC) has discussed the issue with its clients that provide those services. While the bank appreciates 'steps they have taken to properly execute their contractual and humanitarian responsibilities,' it ultimately decided to 'exit the relationships.'
'Lacking further legal and policy clarity, and in recognition of the concerns of our employees and stakeholders in the communities we serve, it is our intention to exit these relationships,' the spokesperson said.
This comes after the pro-immigration group, Make The Road NY, as well as a Miami Herald article, had pressured the bank to sever its ties with private prisons and immigration facilities.
#BREAKING: Bank of America will stop financing private prison & immigrant detention companies!— Make the Road NY 🦋 (@MaketheRoadNY) June 26, 2019
This follows huge grassroots pressure nationwide on banks to stop bankrolling the industry. The dominoes keep falling!#BackersofHate #FamiliesBelongTogetherhttps://t.co/F3VkPw4si2
Other banks are following similar paths. Both JP Morgan Chase and Wells Fargo in March decided to cut any ties with private prisons and detention centers. Companies cutting ties with people and companies who engage in conduct that they don't agree with is a worrying trend called financial blacklisting.
This practice of financial blacklisting is not a new phenomenon and seems to only be getting worse as conservatives such as David Horowitz and Robert Spencer have seen themselves refused services by financial institutions because of their views. As well as companies like MasterCard being pressured by activist groups to cut ties with right-leaning individuals.