SEIU is a creative union. They just announced a new initiative to link up their interest in protecting working families (unionized and non-unionized) by targeting banking practices that destroy financial security. In classic union style, they aren't waiving their arms at the financial industry generally. They are taking specific aim at America's biggest bank, Bank of America.

SEIU's explanation is straightforward: As banks have developed new credit card practices, mortgage lending products, and checking account fees, they have been effectively unregulated, free to make up their own rules about how to treat their customers. Through the years, the banks have found more and more ways to trick and trap hard working families, raking in billions. As banks consolidate their power, their economic and political clout grows, and their grip on families gets even tighter. Now Bank of America is starting to bump up against the long-standing federal prohibition against any single bank controlling more than 10% of the nation's deposits. The union wants to hold banks accountable for how they treat consumers, and it believes this is the time and place to draw a line in the sand. SEIU is calling for better regulation of all credit products, and it is shining a light on B of A's growth, warning regulators not to bend the rules.

The website shows that the union has done its homework. It presents the basic information on BofA: Currently, 1 in 5 credit cards in America is a B of A card. According to SEIU, "Last year alone the bank took in more than $22.4 billion in profits from penalty and service fees on consumers and small businesses. Bank of America’s total deposit service charges—income from fees the bank charges its customers for servicing their accounts—grew by 70 percent between 2002 and 2006 alone."

In addition, SEIU has gathered reports of racial discrimination, tax evasion, job cuts, and failure to abide by promises to local communities. They make the case that deregulation of consumer financial products has been exploited by America's largest bank.

Changing B of A practices would not only make life different for a lot of families who are B of A customers; it would also affect the whole industry. Just like in wage negotiations, getting a leader to make concessions will affect all subsequent negotiations.

Early this year, I said I was glad to see politicians begin to get active on consumer financial issues. We've seen some good smoke, but so far no fire. SEIU brings comes from a different direction. If the union can rally more people to focus on this issue, if it can create some momentum behind its excellent suggestions for reform, if it can cause B of A to rethink some of its practices, and if it can put some heat on Washington to get moving, then the SEIU's announcement could be an important moment. Families need help. SEIU is trying.