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Joe Schoonover

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Senior Vice President and Business Development Officer for the Bank of Labor, Joe Schoonover, joined the America’s Work Force Union Podcast to discuss the history of the Bank of Labor. Schoonover also talked about efforts to help unions fund projects in local cities and communities and how the Bank of Labor has stood strong through multiple financial disasters.

The Bank of Labor was founded in 1923 by the The International Brotherhood of Boilermakers, Iron Ship Builders, Blacksmiths, Forgers and Helpers as the Brotherhood Bank and Trust, with the objective to ensure opportunities for all Americans to earn a living. Unions currently control approximately $4 trillion dollars in the U.S. Economy, and by supporting the labor movement with a union banking option, the Bank of Labor is hoping to strengthen and grow labor.

The Bank of Labor started a program called the M.O.R.E. work investment program. This labor program allows organizations with marketing dollars to invest in mission-driven programs. By partnering with a local union, the Bank of Labor provides financial assistance in the form of a loan and allows unions to fund projects that impact local communities. One of the more successful examples is in Montana, where an architect is helping to repurpose buildings into low-cost housing. 

The Bank of Labor has survived the Great Depression and the Housing Bubble from 2006-2008. The credit goes to members first, said Schoonover. Not only does the Bank of Labor work with unions but they also serve non-union members with daily banking needs.

Listen to the entire episode to learn more.


America’s Work Force is the only daily labor podcast in the US and has been on the air since 1993, supplying listeners with useful, relevant input into their daily lives through fact-finding features, in-depth interviews, informative news segments and practical consumer reports. America’s Work Force is committed to providing an accessible venue in which America's workers and their families can hear discussion on important, relevant topics such as employment, healthcare, legislative action, labor-management relations, corporate practices, finances, local and national politics, consumer reports and labor issues.

America’s Work Force Union Podcast is brought to you in part by our sponsors: AFL-CIO, American Federation of Government Employees, American Federation of Musicians Local 4, American Alliance for Manufacturing, Anthem Blue Cross Blue Shield, Columbus/Central Ohio Building and Construction Trades Council, Communication Workers of America, International Association of Heat and Frost Insulators and Allied Workers, International Association of Heat and Frost Insulators and Allied Workers Local 50, International Brotherhood of Teamsters, International Federation of Professional and Technical Engineers, International Union of Bricklayers and Allied Crafts, International Union of Painters and Allied Trades District Council 6, Ironworkers Great Lakes District Council, The Labor Citizen newspaper, Laborers International Union of The National Labor Office of Blue Cross and Blue Shield, North America, North Coast Area Labor Federation, Ohio Federation of Teachers, Survey and Ballot Systems, United Labor Agency, United Steelworkers.


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