Focusing on Closing the Racial Wealth Gap
LOS ANGELES, Feb. 2, 2021 /PRNewswire/ — OneUnited Bank, the largest Black owned bank and first and only Black owned digital bank in the country and Visa are proud to announce for Black History Month the OneTransaction Campaign to close the racial wealth gap. The Campaign includes a state-of-the-art, free virtual financial conference on Juneteenth (June 19, 2021).
In 2020, America was forced to recognize the impact of systemic racism, and the resulting racial wealth gap. According to Brookings, the net worth of a Black family is $17,150 compared to $171,000 for a white family. While public policy is critical to addressing the consequences of discrimination, public policy moves slowly. More importantly, OneUnited Bank encourages all Black Americans to focus on One Transaction in 2021 that will increase their net worth. That transaction could be a will, life insurance, home ownership, a profitable business, automatic savings, an investment portfolio or an improved credit score.
The #OneTransaction Campaign encourages Black families to select One Transaction to accomplish in 2021 and provides action steps to accomplish that transaction. “The reality is the racial wealth gap for each family can be closed by one strategic transaction,” says Kevin Cohee, Chairman & CEO of OneUnited Bank. “By encouraging our community to accomplish One Transaction in 2021, we can make financial literacy a core value of the Black community and create generational wealth.”
The Campaign includes a free state-of-the-art #OneTransaction Virtual Financial Conference in partnership with Visa, to be held on June 19, 2021 or Juneteenth, a holiday celebrating the emancipation of those who had been enslaved in the United States. The OneTransaction Conference includes expert presenters in business and personal finance including Tiffany Aliche, The Bugetnista, an award winning financial education teacher, Sharon Epperson, Senior Personal Finance Correspondent for CNBC, Karen Hunter, Pulitzer Prize-winning journalist and host of The Karen Hunter Show on Sirius XM Urban View, Daymond John, globally recognized from ABC’s Shark Tank, founder and CEO of FUBU and a Presidential Ambassador for Global Entrepreneurship, Calvin Martyr, founder of #BlackOutDay2020 and The Blackout Coalition, Everett Sands, founder and CEO of Lendistry, a Black-owned SBA Preferred Lender, Michelle Singletary, personal finance columnist and author of upcoming book “What To Do With Your Money When Crisis Hits”, Kemberley Washington, CPA and Tax Analyst with Forbes Advisor among others. To secure your free ticket, go to www.oneunited.com/onetransaction. (Limited availability)
“Prioritizing financial educational and tailoring solutions to close the financial disparities is key to building generational wealth,” says Mary Ann Reilly, Senior Vice President, Head of North America Marketing, Visa. “By partnering with OneUnited Bank, we are both working towards driving lasting systemic change and enabling individuals, businesses and economies to thrive.”