N.J. town pulls $91M from Citizens Bank over ICE detention financing
Montclair, New Jersey, is withdrawing $91 million from Citizens Bank following public pressure regarding the bank’s ties to private-prison operators.
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Where it stands
The town of Montclair is divesting $91 million from Citizens Bank. This decision follows a public pressure campaign focused on the bank's financing of firms operating ICE detention centers.
Coverage from AP News, Bloomberg, The Boston Globe, Montclair Local News, and NJ.com confirms that Citizens Bank has subsequently announced plans to exit credit facilities with two private-prison operators, CoreCivic and GEO. Reports highlight that this shift occurs in the context of broader criticism surrounding the bank's involvement with these companies.
It remains to be seen how the bank's exit from these credit agreements will affect its future lending relationships. Coverage does not yet specify a timeline for the completion of the bank's withdrawal from the prison sector.
Synthesized by headlinez.news from the headlines below under a strict no-invention contract. ✓ fact-checked: all claims supported by sources Updated 50d ago.
The reporting (6)
- Citizens to Exit Credit Facilities to Two Private-Prison Firms Bloomberg.com · 50d ago
- Montclair Pulling Bank Funds to Protest Financing for ICE Jail Operators Montclair Local News · 50d ago
- Citizens to Exit Credit Facilities to Two Private-Prison Firms Bloomberg.com · 50d ago
- Citizens Bank parts ways with two prison operators amid ICE protests The Boston Globe · 50d ago
- Citizens Bank to cut ties with CoreCivic and GEO after a fierce public pressure campaign AP News · 50d ago
- N.J. town pulls $91M from Citizens Bank over ICE detention financing NJ.com · 50d ago
Answered
What prompted the movement of funds?
The town of Montclair withdrew its funds to protest Citizens Bank's financing of operators involved in ICE detention.
Which companies is Citizens Bank distancing itself from?
The bank is exiting credit facilities with CoreCivic and GEO.
How much money is involved in the Montclair divestment?
According to coverage from NJ.com, the amount is $91 million.
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