Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Sign up for Axios NW Arkansas
Stay up-to-date on the most important and interesting stories affecting NW Arkansas, authored by local reporters
Photo: Robert Alexander/Getty Images
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