Criminal Justice, Policing and Private Prisons
We affirm that Black Lives Matter and the embedded racism in the criminal justice system must be dismantled to end its oppression of Black people. Investments into community development, mental and physical health treatment, education, workforce development, and affordable housing need to be prioritized over policing and private prisons.
Who we are
- Founded in 1923 by a union of immigrants, we have always been a bank that has believed in equal rights and the power of community organizing
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Include racial justice and equity as core tenants of our corporate vision and values
- Openly committed to addressing internal bias and racism through training, employee engagement, and pathways to leadership
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Committed to hiring candidates with former convictions, where permitted, under state and federal regulations
Where we stand
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Endorsed #8CANTWAIT reforms for police conduct and to support investments into community and economic development over policing
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Amalgamated Foundation explicitly supports nonprofits led by People of Color and those fighting for racial justice as explicit criteria for grantmaking
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Led a class action lawsuit against Core Civic, a leading for-profit prison, claiming that the company inflated their stock price by misrepresenting the quality and value of its services
What we do
- We do not lend to weapons manufactures or distributors and private prison operators
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We pioneered Restart Checking — an account for those who have been turned away elsewhere because of credit problems
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We have worked with the Grow America Fund to buy $5 million worth of SBA Payment Protection Program loans that provide funding to Black owned businesses that couldn’t initially get funding from the government
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Marshaled rapid response dollars through the Amalgamated Foundation to local activist group in Minneapolis
Why Amalgamated?
Block
$5 billion
in assets
B Corp
meeting high standards of social and environmental performance, accountability and transparency
97 years
helping those who do good, do better
Putting our mission into action
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B Corp
For 96 years, social responsibility has been embedded into our products, policies, programs, operations and mission. So two years ago when we were recognized by B Lab as a company that meets their rigorous standards for social and environmental performance, accountability and transparency, it was an important third party endorsement.
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Amalgamated Bank history
Today, I am proud to announce that we are the first bank in the United States to increase our minimum wage to $20 an hour for all full-time employees. By raising our minimum wage, we are continuing to honor our roots in the labor movement and to do our part in creating greater access and opportunity for our workers and their families.
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corporate and social responsibility
Today, we became the first bank in the United States to endorse the United Nation’s Principles for Responsible Banking. The Principles for Responsible Banking provide the framework for the sustainable banking system of the future.