Vegas Union Uses Dodd-Frank To Pressure Casino-Owning Bank

A labor union at the casino owned by Deutsche Bank is using the Dodd-Frank Act to bring the bank to the negotiating table, encouraging bank employees to become whistleblowers  and urging federal regulators to tighten regulations. Deutsche Bank took ownership of The Cosmopolitan of Las Vegas in 2010, and members of a the Culinary Workers Union began picketing in January 2013, when the bank stepped away from the negotiating table. Now the union has set up a website called Deutsche Bank Risk Alert to host research reports on “the challenges facing Deutsche Bank in North America.” The site urges bank workers to come forward and report illegal activity at the bank, per a Dodd-Frank provision that mandates payments for successful tips. The union also pressed the Fed to invoke another provision of Dodd-Frank, requiring  stricter capital and liquidity standards, as the Fed then did early this year.