Amalgamated Bank, often described as “America’s Labor Bank,” is a national entity, the majority of which is owned by the politically active Service Employees International Union (SEIU).
The SEIU is one of the largest financial backers of the Democratic Party.
The Democratic National Committee (DNC) still has not paid back the $15 million loaned to it by the union-owned Amalgamated Bank of New York, according to its year-end campaign finance report.
The loans account for a large portion of the $21,471,157 of debts and obligations owed by the DNC, a number that is slightly more than five times greater than the $4,292,138 that the committee currently has in hand.
The DNC paid Amalgamated Bank more than $66,000 in loan interest and bank fees for the month of December, the records show.
The DNC established Amalgamated Bank as its “primary banking relationship” this past summer.