Bank of America to stop lending to private prisons and ICE detention centers

Bank of America told Bloomberg in an interview Wednesday that it will stop lending to companies that run private prisons and immigrant detention centers.

What we know: The move followed a review by the company's environmental, social and governance (ESG) committee, which visited sites and consulted with civil rights activists and experts Vice Chairman Anne Finucane told Bloomberg: "We’ve done our due diligence that we said we would do at the annual meeting, and this is the decision we’ve made.’"

The big picture: Bank of America is at least the third major bank to cut off its business relationship with the industry this year, following JPMorgan Chase and Wells Fargo. For-profit prisons have come under heightened scrutiny recently due in part to reports of migrant children being detained in squalid conditions at border facilities.

• Wayfair's employees announced a walkout in Boston on Wednesday in response to executives refusing to stop selling beds to a Texas immigration facility.
• Several Democratic presidential candidates, including Elizabeth Warren and Bernie Sanders, have proposed banning private prisons entirely.

Go deeper: Axios' special report on how companies profit from prisons