Union Bank Pushes Plan Despite ‘Pro-Gun’ Rank And File

  • A large union bank was behind the successful push to create a new merchant category code (MCC) for gun and ammunition stores, even though, according to Gun Owners of America, union members are usually “very pro-gun.”
  • Amalgamated Bank, which works with more than 1,000 unions, submitted the application to the International Standards Organization (ISO) for a new MCC.
  • “This code is the key to creating new tools that all financial institutions must now use to begin detecting and reporting suspicious activity associated with gun trafficking and mass shootings to the Financial Crimes Enforcement Network, the government agency charged with safeguarding the financial system from illicit use,” according to the bank’s website.
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