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Dear Friend,
Over the past few weeks and months, we’ve seen the heartbreaking photos of families being kept in inhumane conditions by the Trump Administration’s horrific policies. MomsRising members have swung into action -- holding protests in their communities, urging our legislators to take action, and also using our consumer voices to make sure our banks do not profit from the suffering of families.
And we are making a tremendous difference! Working with the powerful Families Belong Together coalition, we won the commitment of JPMorgan Chase, Wells Fargo, Bank of America, SunTrust, BNP Paribas, Fifth Third Bancorp, Barclays, and PNC to end financing of private prisons, where the majority of people in immigration custody are detained. These eight bank commitments represent an estimated 87.4% of the credit and term loans available to private prison companies, CoreCivic and Geo Group! [1,2] This is huge!
Let’s keep up our MOMentum by getting more banks to stop financing private prisons!
Why is this important?
Private for-profit prisons are a key component of President Trump’s plan to incarcerate immigrant families, and are also part of the system of mass incarceration that has particularly devastated communities of color. More than 70% of immigrants in immigration custody are in private prisons. [3]
Private prison companies, like CoreCivic and GEO Group, two of the largest for-profit prison and detention corporations, depend on financing from banks to conduct their day-to-day business operations, build new facilities and acquire smaller companies. [4]
Eight major banks have committed to stop financing the private prison industry. It’s time for Citizens Bank, Regions, First Tennessee Bank, Synovus Bank, Pinnacle Bank, and other banks to commit to ending financing of private prisons too. A 2019 analysis of GEO Group and CoreCivic’s Securities and Exchange Commission (SEC) 2018 filings show that Citizens Bank, Regions, First Tennessee Bank, Synovus Bank, Pinnacle Bank, and other banks have had a role in financing one or more private prison companies. [5] In doing so, Citizens Bank, Regions, First Tennessee Bank, Synovus Bank, Pinnacle Bank, and other banks are profiting from mass incarceration and the criminalization of immigration. [6]
Most parents would do anything to make sure their children have a safe, free, and healthy life, but across our country, parents have been cruelly separated from their children and held in private prisons where they are unable to care for, or often even see their children. Moreover, many private prisons have documented histories of inadequate medical care and human rights abuses and are part of the system of mass incarceration that has particularly devastated communities of color. [7]
The consumer voices of moms are powerful! We have already made a big difference; because of your actions, bank after bank has committed to stop financing private prisons. But our work isn’t done.
There can be no business in incarcerating families! It’s time for Citizens Bank, Regions, First Tennessee Bank, Synovus Bank, Pinnacle Bank, and other banks to stop financing private prisons!
YOUR VOICE IS POWERFUL!
Together we can win the fight to end funding for private prisons and secure a brighter future for all children and families.
Thank you for all you do!
- Nadia, Xochitl, Nina, Linda, Donna, Kristin, and the entire MomsRising / MamásconPoder team.
[1][2]Private Prisons Now Face 87.4% Financing Gap as Banks Continue to Flee Industry. GEO Group Running Out of Banks as 100% of Known Banking Partners Say ‘No’ to the Private Prison Sector.
[3] For Private Prisons, Detaining Immigrants Is Big Business.
[4] Who is Profiting from Incarcerating Immigrant Families?
[5][6] The Wall Street Banks Still Financing Private Prisons.
[7] Shutting down the profiteers: Why and how the Department of Homeland Security should stop using private prisons, Code Red The Fatal Consequences of Dangerously Substandard Medical Care in Immigration Detention.
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