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.