Kimberly Kam, Senior Vice President and Sales Director for Union Commercial Services at Amalgamated Bank of Chicago (ABOC), joined the America's Work Force Union Podcast to discuss the trend of big banks ending relationships with unions, ABOC's unique approach to serving union clients and the importance of diversity, equity and inclusion in banking.
As large banks quietly sever ties with unions due to profitability concerns and regulatory complexities, ABOC stands out as a steadfast partner for labor organizations. Kam explained that unions require specialized banking services, including meticulous record-keeping and compliance with federal regulations. ABOC's century-long experience and team of subject matter experts position it as an ideal financial institution for unions seeking a bank that understands their unique needs and challenges, she said.
When unions are dropped by their primary bank, Kam advises negotiating for extended transition periods and considering ABOC as a potential new partner. She emphasized the importance of evaluating factors such as pricing, transition timelines and the complexity of existing banking relationships when selecting a new financial institution. Kam described ABOC's commitment to understanding union-specific requirements and its ability to provide tailored solutions, making it a strong contender in this specialized banking niche.
Despite the current anti-regulatory environment and ongoing trends in the banking industry, Kam believes the pattern of large banks distancing themselves from unions will likely continue. However, she highlighted ABOC's unwavering commitment to diversity, equity and inclusion as a core part of its culture, setting it apart from competitors who may be scaling back such initiatives. Kam said this dedication to DEI principles, combined with ABOC's expertise in union banking, positions the institution as a reliable and forward-thinking partner for labor organizations navigating the complex financial landscape.
To learn more about ABOC's specialized services for unions, listen to the full episode of America's Work Force Union Podcast featuring Kimberly Kam.
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