Unions and preadatory lending

Quantum Windbag

Gold Member
May 9, 2010
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Interesting how unions do the same things they hate banks for. Can't wait for the fake Cherokee to jump in and call them out for it.

Consider, for example, the “SEIU New Rewards Visa Card” and the AFL-CIO “Union Plus” card. With each new enrollment and subsequent swipe of the card, the union bags a fee and a percentage respectively. This turns into huge money: In FY2011, according to its LM-2 filing with the Department of Labor, the AFL-CIO received approximately $28,163,266.00 from credit card revenue.
Given the labor movement’s high-wattage rhetoric against the big banks, issuing credit cards to union members seems like an odd revenue source for Big Labor to pursue.
After all, SEIU has blasted the banks for pushing “credit cards and other banking products with unfair rates or traps in the fine print.” Furthermore, they’ve enlisted their members to report banks offering “new products designed to push consumers further into debt.”

This Bank Bashing Union Is Making Money With A High-Interest Credit Card - Business Insider
 

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