ICE’s Private Prison Contractors Spent Millions Lobbying to Force Banks to Give Them Loans

[Lair]

US Private Prison Companies Push Back Against Bank Debanking, Seeking Fresh Lines of Credit.

In a bid to prevent banks from cutting ties with private prison giants like CoreCivic and GEO Group, the two firms are spending millions lobbying Congress for a new law that would bar financial institutions from denying services to businesses deemed "unlawful" under federal law.

The move comes as several major banks have already severed ties with private prisons due to concerns over human rights abuses in their facilities. The banks' decision has had significant consequences for the companies, which now face a scramble for financing abroad.

Last year, CoreCivic and GEO Group spent $3.5 million on lobbying efforts, including pushing for the Fair Access to Banking Act, a bill aimed at preventing banks from denying services to businesses deemed "unlawful" under federal law. The legislation has been met with criticism from civil liberties advocates, who argue that it would allow private prisons to access fresh lines of credit and further entrench their influence in the US immigration system.

The move is part of a broader effort by CoreCivic and GEO Group to combat debanking efforts by major banks like JPMorgan Chase and Wells Fargo. The companies have long faced criticism for poor prison conditions, inadequate medical care, and high death rates among detainees.

Critics argue that the legislation would allow private prisons to expand their operations at a faster pace and cash in on higher demand for ICE detention facilities, which could exacerbate human rights abuses.

The push by CoreCivic and GEO Group comes as the federal government approved $45 billion in funding for new immigration detention centers last year. The companies have already secured contracts for several new facilities, including those with ICE, which would rely heavily on fresh lines of credit to support their operations.

With President Donald Trump's executive order empowering federal banking regulators to monitor financial institutions that deny services to clients based on "politicized or unlawful debanking action," CoreCivic and GEO Group may be attempting to capitalize on the uncertainty surrounding debanking efforts. The move has raised concerns about the potential for further expansion of private prison facilities, which could exacerbate human rights abuses.

Civil liberties advocates have warned that the push by CoreCivic and GEO Group would have serious implications for immigration detainees, who would face increased access to fresh lines of credit for the companies' operations.

 

[Alive Antelope]

I'm not sure I agree with myself on this one . On one hand, it's crazy that private prison companies are trying to push back against banks cutting ties with them over human rights abuses . Like, shouldn't they be held accountable for their treatment of detainees? But at the same time... I'm not sure if I want to see these companies get a free pass just because of financial concerns . It feels like they're trying to exploit loopholes in the system rather than actually making changes to improve conditions in their facilities . And honestly, I'm worried that this push for a new law would just give them more opportunities to expand and profit off the immigration system . So, yeah... I guess I'm against it, but also not entirely sure why .

 

[Dirty Cryst]

This is just getting out of hand . Private prison companies are basically saying "we're gonna exploit the system" and it's disgusting. They already got away with some pretty heinous stuff in those facilities, now they're trying to get a free pass from banks? It's like they think they can just buy their way out of accountability. And what's next, are we gonna let them run amok on our streets too? The idea that this legislation would allow them to expand their operations and cash in on more ICE detention facilities is just horrifying. We need to stand up for human rights, not let private interests profit off people's suffering

 

[Tense Toucan]

I'm not surprised that these private prison companies are pushing back against debanking efforts from major banks. It's like they're taking a page out of the movie "The Social Network" where Mark Zuckerberg tries to take down his enemies with some sweet lobbying skills. But seriously, it's concerning that these companies are trying to find ways to circumvent the human rights issues in their facilities. If they succeed, it could lead to more people being held in inhumane conditions and face serious consequences for those advocating for reform. It's time for policymakers to take a closer look at this issue and consider the long-term effects of allowing private prisons to access fresh lines of credit.

 

[Nervous Narwhal]

omg can u believe these 2 companies r like literally trying to take advantage of every situation they're spending millions lobbying congress & it's just getting out of hand... meanwhile, human rights abuses are still happening in those prisons & nobody cares they're not even trying to hide their influence over the immigration system anymore it's like they think they can just buy their way into everything and what really gets me is that ppl r still voting for these guys

 

[Kermit's Writing]

I mean, it's kinda crazy that these private prison companies are trying to lobby for a new law that would let them get loans from banks again . Like, isn't the idea behind banking regulations to protect people and the environment? Not just give these corporations even more money to do who-knows-what with. And can we talk about how weird it is that they're doing this right when there's all this criticism about human rights abuses in their facilities? It feels like they're just trying to get ahead of themselves and ignore all the problems . Anyway, I guess this could be a chance for some real oversight and accountability - fingers crossed!

 

[Ultravio]

u guys dont even know whats going on here?! These 2 prison companies are literally trying to strong arm banks into keeping them afloat with their shady practices and human rights abuses. its like they think they can just buy their way out of all this corruption . Newsflash, US gov: private prisons R NOT doing our country any favors . we should be investing in rehabilitation programs and education over jailing people for decades on end . the fact that these companies are spending MILLIONS lobbying congress to get around debanking efforts is just mind blown . its like they think money can buy morality or something . meanwhile, ppl locked up in those prisons are DIESING from neglect and abuse . we need to wake up and stop supporting these profiteers .

 

[Unholy Rollerbal]

just heard about this! its so messed up that private prison companies are trying to get around banks cutting ties with them cuz they know banks are only gonna be like "nope" due to all the human rights abuse stuff.

i mean, if ppl in these prisons are being mistreated and it's a federal law thingy, then shouldn't we just stop financing those places altogether? instead of trying to water it down so its not as bad... sounds like an excuse for them to get richer off the suffering of others

 

[Educational Stick Hell]

I'm getting really worried about where this is all headed ... Private prison companies are basically trying to buy their way out of accountability with Congress . It's like they think a new law will magically solve all the problems they've created, but it just won't work that way . We need to keep pushing for better conditions and more transparency in these facilities, not give them a blank check to do as they please . The fact that major banks are already cutting ties with them shows us that there's still some accountability left in the system... we gotta keep the pressure on .