President Trump signed an executive order on August 7 mandating banking regulators to investigate whether banks discriminated against conservatives and certain industries. Bank of America CEO Brian Moynihan may be targeted due to his bank’s decision not to accept Trump’s deposits after his first term.

In January 2019, Trump called out Moynihan at the World Economic Forum for not opening BofA to conservatives. This likely stemmed from BofA’s decision to stop banking private prison company GEO Group.

BofA was the last big bank to cut off future funding for private prison companies like GEO in June 2019. The decision was fiercely debated within the bank, with BofA ultimately ceasing future funding under the direction of Global Head of ESG Andrew Plepler.

GEO Group, which processes one-third of ICE detainees, faced financial repercussions after BofA stopped funding private prisons. Under President Trump, GEO’s share price soared after the ban was lifted, but has since dropped.

Bank of America changed its policy from an outright ban on banking private prison companies to a case-by-case assessment in December 2023. Former BofA exec Omeed Malik, who was pushed out in 2018, filed a $100 million claim against BofA before the GEO ban.

President Biden issued an executive order in January 2021 to not renew contracts with for-profit prisons, but allowed an exception for immigration detention facilities. GEO Group’s shares dropped after the ban, but have since fluctuated.

Read more at Yahoo Finance: Trump’s Beef with Bank of America’s Corporate Governance Goes Beyond His Personal Accounts: Exclusive