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Report Looks at Banks Lending and Mountaintop Mining

Two environmental groups that pressure banks to stop funding mountaintop removal coal mines say Credit Suisse and Wells Fargo have the strongest lending policies.

The Rainforest Action Network and the Sierra Club issued their second report card Tuesday, ranking ten of the world's largest banks
in their dealings with coal companies.

Since January 2010, the report says those ten have provided more than $2.5 billion in loans and bonds to companies that use the highly efficient and highly destructive form of strip mining in Virginia, West Virginia and Kentucky.

The report says five banks adopted policies on mountaintop removal after last year's report: Chase, Wells Fargo, PNC, UBS, and Credit Suisse.

It gave Deutsche Bank and GE Capital an F for having no policy.

©2011 The Associated Press. All rights reserved.


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