Amalgamated Bank
Corprate Bias Ratings
Risk Level:
Summary:
Amalgamated Bank, a unionized bank, vets vendors according to LGBTQ policies and does not provide its employees with protections against viewpoint discrimination. It has not publicly terminated business relationships based on views or beliefs, though. The company started the Hate is not Charitable campaign, which actively targets Donor Advised Funds and encourages such organizations to prohibit charitable donations to "hate groups," which Amalgamated Bank defines according to the Southern Poverty Law Center's (SPLC) list. Amalgamated Bank covers the cost of "medically necessary transition-related care" for its employees and their children and regularly uses its corporate reputation to advance pro-LGBTQ policies. The company requires "anti-racism" trainings for employees. For these reasons, Amalgamated Bank receives a High Risk rating.
Has denied service to customers, suppliers, or vendors due to their political views or religious beliefs OR corporately boycotts, divests, or sanctions regions, people groups, or industries.
Amalgamated Bank has not publicly fired customers, suppliers, or vendors based on political views or religious beliefs. The company received a score of 100 on the Human Rights Campaign’s (HRC) Corporate Equality Index. Among other requirements, this means the company has pledged to vet vendors based on LGBTQ policies (1)(2).
Charitable giving (including employee matching programs) policies or practices discriminate against charitable organizations based on views or religious beliefs.
Amalgamated Bank and its foundation regularly consult progressive groups to determine which charities it deems permissible to donate to. Company policy states, “the Foundation may consult resources such as Southern Poverty Law Center, Change the Terms, Color of Change, and GLAAD, to identify and update information regarding potentially hateful activities” (1)(2). These groups often discriminate against faith-based charities.
Employment policies fail to protect against discrimination based on political affiliation/views and/or religion.
Amalgamated Bank does not provide viewpoint protections for its employees (1).
Uses corporate reputation to support ideological causes and/or organizations hostile to freedom of expression.
Amalgamated Bank opposed the Florida Parental Rights in Education Act, which prohibits teaching gender identity and sexual orientation in schools to kids in K-3rd grade (1). The company also signed open letters supporting the Equality Act (2). Amalgamated Bank was part of the Freedom for All Americans coalition, which advocated for federal legislation that would overrule state laws designed to protect girls’ sports and similar laws (3). The company hosts mandatory “anti-racism” and unconscious bias trainings for employees (4). Amalgamated Bank’s CEO Keith Mestrich is a signatory to CEOs For Gun Safety (5). The company is a member of the Global Alliance for Banking Values (6).
Uses corporate funds to advance ideological causes, organizations, or policies hostile to freedom of expression.
Amalgamated Bank has a perfect score on the HRC’s 2022 Corporate Equality Index. This score indicates the company covers the cost of “medically necessary transition-related care” for its employees and their children (1)(2). Amalgamated Bank’s foundation donates to the Progressive Multiplier Fund, an alliance supporting progressive-aligned nonprofits (3). The company also started and funds the Hate is Not Charitable campaign, which pressures large Donor Advised Funds to prohibit charitable donations to groups it deems as supporting hate. The campaign consults the SPLC and other groups to determine “hate” groups (4). The bank also uses corporate funds to provide travel benefits for abortion (5).
All links were last accessed and all information was updated on:
November 27, 2023
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