Private prison giants, including the two firms that operate over half of all private detention centers in the United States, have found themselves locked out of the banking system by some of America's largest banks. This decision was made after the banks reviewed their environmental, social, and governance policies, which included site visits and meetings with civil rights leaders.
As a result, the companies have lost billions of dollars in potential financing, according to a nonprofit report. However, instead of accepting the loss, GEO Group and CoreCivic are now working to pass legislation known as the Fair Access to Banking Act, which would prevent banks from denying access to institutions or people involved in "politically unpopular businesses but that are lawful under Federal law."
The two companies have spent millions lobbying Congress to push for the bill's passage. The legislation requires lending and service decisions to be based on impartial, risk-based analysis, rather than political or reputational favoritism.
Civil liberties advocates have criticized the legislation, arguing that it would allow private prisons to expand their operations and profit from locking people up. Eunice H. Cho, a senior counsel at the American Civil Liberties Union's National Prison Project, stated that "Consumer advocacy is a very important part of the democratic process, including economic boycott and protest against corporations."
Cho also noted that banks are sensitive to understanding the risks of doing business with harmful industries. Ryan Gustin, a spokesperson for CoreCivic, countered that the companies value their relationships with financial partners and believe all lawful businesses should be treated fairly under the banking system.
GEO Group spent $3.3 million on lobbying efforts last year, including $1.37 million aimed at pushing for the Fair Access to Banking Act. CoreCivic spent $3.5 million total in 2025, with $2 million dedicated to supporting the legislation.
The move by private prison companies comes after many of Wall Street's largest banks had already cut ties with them. In 2019, JPMorgan Chase, Wells Fargo, and several other major banks announced that they would no longer provide new financing to private prisons.
However, some banks have since reversed their decision. For example, Bank of America reinstated CoreCivic as a client in June, despite having previously cut ties with the company due to concerns over its business practices.
If the Fair Access to Banking Act passes Congress, it could allow GEO Group and CoreCivic to access fresh lines of credit and expand their operations more quickly. The legislation would also provide private prisons with more financial flexibility to build new facilities at a faster pace.
The move by private prison companies has been met with criticism from advocates for immigration detainees, who argue that the expansion of private detention centers could have serious implications for those living in ICE custody. "It's unsurprising they're looking to protect ways to expand their funds," said Cho. "But for detainees, this can have serious implications."
The Intercept is a nonprofit news organization dedicated to investigating and exposing the truth about corruption, inequality, and injustice in America. We rely on donations from readers like you to continue our work. Will you help us?
As a result, the companies have lost billions of dollars in potential financing, according to a nonprofit report. However, instead of accepting the loss, GEO Group and CoreCivic are now working to pass legislation known as the Fair Access to Banking Act, which would prevent banks from denying access to institutions or people involved in "politically unpopular businesses but that are lawful under Federal law."
The two companies have spent millions lobbying Congress to push for the bill's passage. The legislation requires lending and service decisions to be based on impartial, risk-based analysis, rather than political or reputational favoritism.
Civil liberties advocates have criticized the legislation, arguing that it would allow private prisons to expand their operations and profit from locking people up. Eunice H. Cho, a senior counsel at the American Civil Liberties Union's National Prison Project, stated that "Consumer advocacy is a very important part of the democratic process, including economic boycott and protest against corporations."
Cho also noted that banks are sensitive to understanding the risks of doing business with harmful industries. Ryan Gustin, a spokesperson for CoreCivic, countered that the companies value their relationships with financial partners and believe all lawful businesses should be treated fairly under the banking system.
GEO Group spent $3.3 million on lobbying efforts last year, including $1.37 million aimed at pushing for the Fair Access to Banking Act. CoreCivic spent $3.5 million total in 2025, with $2 million dedicated to supporting the legislation.
The move by private prison companies comes after many of Wall Street's largest banks had already cut ties with them. In 2019, JPMorgan Chase, Wells Fargo, and several other major banks announced that they would no longer provide new financing to private prisons.
However, some banks have since reversed their decision. For example, Bank of America reinstated CoreCivic as a client in June, despite having previously cut ties with the company due to concerns over its business practices.
If the Fair Access to Banking Act passes Congress, it could allow GEO Group and CoreCivic to access fresh lines of credit and expand their operations more quickly. The legislation would also provide private prisons with more financial flexibility to build new facilities at a faster pace.
The move by private prison companies has been met with criticism from advocates for immigration detainees, who argue that the expansion of private detention centers could have serious implications for those living in ICE custody. "It's unsurprising they're looking to protect ways to expand their funds," said Cho. "But for detainees, this can have serious implications."
The Intercept is a nonprofit news organization dedicated to investigating and exposing the truth about corruption, inequality, and injustice in America. We rely on donations from readers like you to continue our work. Will you help us?
I'm all about the idea of accountability, but when it comes to these private prisons, it's hard not to feel that they're just trying to game the system. Like, if banks are gonna cut ties with them, what's next? They'll just find a way to work around it and keep on profiting from locking people up... 
). 
So yeah, maybe there needs to be some middle ground here... but what that looks like is anyone's guess. 
. I don't think we should be giving them more money, especially when it's not good for the community. It seems like they just want to make more money off of people in trouble 
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they're trying to pass this bill that would let them access banking again after being cut off by major banks, but it's just so shady 
civil liberties advocates are hella mad about it too, saying it would only allow prisons to profit from locking ppl up, no thanks 
i gotta ask tho, why should these companies get a free pass? shouldn't their practices be called out more? anyway, this whole thing is super concerning and i'm low-key worried about what could happen if the bill passes 
to me. Like, shouldn't banks be able to refuse service to companies that are, you know, morally dodgy? 
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. I'm all for consumer advocacy, but this feels more like corporate welfare than anything else 
Like, what was it about those site visits and meetings that made them realize they were doing the right thing? Was it just a PR stunt or actually a genuine attempt to consider the ethics of doing business with private prisons? 
Can someone please just pass some legislation that actually puts an end to these private prison companies' antics once and for all? 
geo group & corecivic are tryin to lobby congress for some new legislation that'd basically let 'em bank with anyone without worryin about reputational damage 
. And now they're trying to pass this bill that would basically let them waltz back into the banking system and start raking in the dough again 
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In contrast, only 23% support it. It's time for Congress to rethink this legislation and prioritize people over profits 
What if they just want to avoid scrutiny? 
Anyway, 90% of banks have already cut ties with private prisons. Only a few have reversed their decision... probably because of lobbying efforts 
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