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News release

The Families Belong Together Corporate Accountability Committee Celebrates SunTrust’s Decision to Stop New Financing the Private Prison Industry

July 8, 2019
Immigration

Lisa Lederer, 202-371-1996

This morning, SunTrust became the fourth major bank to stop new financing to private prisons that profit from immigrant detention, joining Bank of America, JPMorgan Chase, and Wells Fargo. US Bank has also committed to reducing its exposure in the private prison industry. In response, the Families Belong Together Corporate Accountability Committee released the following statement:

“SunTrust’s decision to stop new financing to the private prison industry and immigrant detention companies is a testament to the growing strength of our movement and the power of everyday people standing up for what’s right. Millions of people and more than 100 organizations have made their voices heard, signed petitions, as well as protested bank branches and headquarters to demand an end to financing an industry profiting from the caging of people of color and immigrants. 

“This is more than a trend — this is a sea change. With SunTrust joining the wave of big banks halting financing of private prisons, consumers are watching for other banks like BNP Paribas and Barclays to follow suit. Our grassroots movement is stronger than ever, and we will continue to hold all big banks accountable until they commit to stop lending to an industry profiting from the pain and suffering of immigrant families."

The private prison industry has documented histories of human rights abuses and detains over 70 percent of immigrants in ICE custody and is profiting from mass incarceration and the criminalization of immigration. Since ICE’s creation in 2003, immigrant detention centers, overall, have reported 188 detainee deaths. CoreCivic and GEO Group — the country’s two largest private prison companies — depend on debt financing from banks to conduct their day-to-day business operations, finance new facilities, and acquire smaller companies. 

The Families Belong Together Corporate Accountability Committee, made up of more than 100 organizations, calls on banks to immediately stop their financial support for GEO Group and CoreCivic, private prisons that are profiting from mass incarceration and the criminalization of immigration. Partnering organizations include the following:

 Action NC

Candide Group / Real Money Moves

Center for Popular Democracy

CMSM

CREDO

Daily Kos

Families Belong Together

Global Exchange

Hand in Hand: The Domestic Employers Network

ICCR

In the Public Interest

La Colectiva de Mujeres

LittleSis

Make the Road New York

Make the Road New Jersey

Mujeres Unidas y Activas

MoveOn

MomsRising / MamásConPoder

National Domestic Workers Alliance

Presente.org

Rainforest Action Network

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MomsRising.org is an on-the-ground and online grassroots organization of more than a million people who are working to increase family economic security, decrease discrimination against women and moms, and to build a nation where businesses and families can thrive. Established in 2006, MomsRising and its members are organizing and speaking out to improve public policy and to change the national dialogue on issues that are critically important to America’s families, including criminal justice reform, immigration policy reform, and gun safety. MomsRising is working for paid family and medical leave, affordable, high quality childcare and early learning, and for an end to the wage and hiring discrimination which penalizes women — particularly moms and women of color — and so many others. MomsRising advocates for access to healthy food for all kids, health care for all, earned sick days, and breastfeeding rights so that all children can have a healthy start. MomsRising maintains a Spanish language website: MamásConPoder.org. Sign up online at www.MomsRising.org — and follow us on our blog, and on Twitter and Facebook.