OneUnited Bank to Present Virtual Financial Conference With an All-Star Cast

OneUnited Bank is the largest Black-owned bank in the U.S. It is also the only Black-owned digital bank in the country. The innovative bank invites everyone to join a slate of all-star presenters, including Emmy-Award-winning actress and author Tiffany Haddish, for a free virtual financial conference on June 19, 2021.

The conference is called "OneTransaction," and focuses on closing the racial wealth gap in the U.S. OneUnited Bank chose June 19 in recognition of the day in 1865 when General Order No. 3 was read in Texas, announcing that all enslaved persons in the United States were free.

Now, 156 years later, OneUnited Bank and conference partner Visa challenge virtual conference attendees to "create a plan of action," according to Kevin Cohee, chairman and CEO of OneUnited Bank.

Cohee says Black people across the country may have the financial resources to close the racial wealth gap and create generational wealth, but they're not quite sure how to start....

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OneUnited Bank, Largest Black Owned Bank Announces Professor Mehrsa Baradaran Joins OneTransaction Conference On Juneteenth

LOS ANGELESApril 8, 2021 /PRNewswire/ -- OneUnited Bank, the largest Black owned bank and first and only Black owned digital bank in the country is proud to announce in honor of Financial Literacy Month that Professor Mehrsa Baradaran has joined the All-Star Presenters for the OneTransaction Conference. The free state-of-the-art conference, co-sponsored by Visa, is focused on closing the racial wealth gap and will be held on June 19, 2021 or Juneteenth, a holiday celebrating the emancipation of those who had been enslaved in the United States. Over 15,000 have already registered for the conference.

Professor Mehrsa Baradaran, University of California, Irvine School of Law is author of The Color of Money: Black Banks and the Racial Wealth Gap, which makes clear that housing segregation, racism, Jim Crow, redlining and other public policies created and maintain an inescapable, but hard to detect, economic...

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Target promises to buy $2 billion in Black-owned brands by 2025

Target vows to support Black-owned businesses by spending more than $2 billion with hundreds of brands by 2025. 

The Minneapolis-based company said it aims to advance racial equity by expanding the range of products available at its 1,900 stores across the country. The retail giant will offer products from more than 500 Black-owned vendors, it said in a statement Wednesday. Target will also increase spending at Black-owned marketing agencies and construction firms, Bloomberg reports. Target currently carries more than 65 Black-owned brands.

“We have a rich history of working with diverse businesses, but there’s more we can do to spark change across the retail industry, support the Black community and ensure Black guests feel welcomed and represented when they shop at Target,” Christina Hennington, Target’s executive vice president and chief growth officer, said in a statement.

The killings of George FloydBreonna...

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OneUnited: The Nation’s Largest Black-Owned Bank Is Unapologetically Black And Activist

one united bank Sep 24, 2020

Launched in 1968 as Unity Bank & Trust Company in response to calls for black economic empowerment, OneUnited Bank’s mission remains being Black America’s first choice for banking. Here’s how OneUnited is working to achieve that goal.

Birth of a Black Activist Bank

After the U.S. passed what he considered weak voting and civil rights legislation in 1964 and 1965, Dr. Martin Luther King, Jr. began what he called a “new phase of the civil rights struggle.” In speeches and television interviews between 1965 and 1968, King emphasized the stated commitment to economic equity for African Americans he made in his 1963 “I Have a Dream” speech.

During the same period, King ramped up his refocused movement and, in 1966, Harvard Business School student John T. Hayden conceived the idea for a Black-owned Boston bank. That year, he, the late Donald Sneed and 88 other Boston community leaders formed the Unity Bank Association.

It would lay plans for a...

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Support For Black-Owned Businesses Increases More Than 7,000%, Yelp Reports

The recent Black Lives Matter protests caused books about anti-racism to become bestsellers, people to share educational resources on social media and to shop and eat at Black-owned businesses and restaurants — and in the last two months interest in Black-owned businesses on Yelp has increased by more than 7,000% compared to this time last year, the company said in a report published Wednesday.

KEY FACTS

The pandemic has hurt Black-owned small businesses more than others, according to a June report from The National Bureau of Economic Research, but the recent Black Lives Matter protests have led to increased support for Black-owned businesses

From May 25 to July 10, there have been more than 2,500,000 searches for Black-owned businesses on Yelp, compared to approximately 35,000 over the same time period last year  — a 7,043% increase. 

While searches for Black-owned restaurants have remained popular, up 2,508%,...

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4 ways to close America’s huge racial ‘opportunity gap’

The net worth of a typical Black family is only 10% of that of the typical white family, and the unemployment rate for Black Americans consistently has been double that of white Americans for four decades. These are just two of the outcomes resulting from long-standing systemic disadvantages that perpetuate an inequality of opportunity based on the color of one’s skin. 

This past month’s national dialogue on racial equality has brought many painful truths to the fore. Acknowledging these truths is important. Taking action to address them is essential. 

The U.S. Chamber of Commerce is the largest lobbying organization in the nation, representing businesses of all sizes across all sectors, touching every corner of our country. With that reach comes a responsibility to drive sustained action to eliminate systemic disadvantages. Convinced that our own previous efforts have been insufficient, we have committed to put the collective muscle of American...

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Black-owned businesses report boost in sales and interest on Blackout Day

As activists and allies spread the word about Blackout Day, some Black-owned businesses said they saw a boost in support.

The movement urged both Black consumers and others to either withhold spending entirely on Blackout Day or support Black-owned businesses, in order to show the spending power of the Black community and to highlight the need for economic and financial equality.

 

Nile, an online community that connects shoppers with Black-owned brands, saw a boost of 200% in its user base on Tuesday from the prior day. 

Nile’s founder, Khadijah Robinson, said she launched her website March 1 after collecting a list of Black-owned web businesses to support that she circulated with family and friends for years.

“I really love online shopping, and it was so hard to find Black brands to shop with. … I wanted to make it easier for myself,” Robinson said, adding she had so many requests for the list she decided to turn it into a...

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Blackout Day draws national attention to Black spending power

Many Black Americans on Tuesday participated in a one-day spending stoppage called Blackout Day. Not opening their wallet was part of a larger effort aimed at highlighting how the Black dollar powers the U.S. economy and how America would be a very different place if Black consumers aren't participating. 

Black athletes and celebrities – including singer Rihanna, Cleveland Cavaliers center Tristan Thompson and rapper Cardi B – have used social media to bring wider attention to Blackout Day in recent weeks. Rapper T.I. said via Instagram that there should be "one day of solidarity in America when not one Black person in America spends a dollar."

The Blackout Day movement is in its infancy and it hasn't caught on with every Black American. Although some African-Americans didn't spend money on July 7, others instead patronized Black-owned businesses — and some likely ignored the call altogether. Either way, the day has its roots in trying to...

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#BlackoutDay2020 is today. Here's what you need to know

Social media personality and activist Calvin Martyr has spent the last two months promoting the campaign after raising the idea in a video that has been shared thousands of time on Facebook, Instagram and Twitter.
Major companies like Procter & Gamble (PG) and Cisco Systems, organizations like the historically Black sorority Zeta Phi Beta and celebrities like rapper T.I. have expressed support for the initiative on social media.
 

What is BlackoutDay2020?

The objective of #BlackoutDay2020 is to force politicians and the business world to end...
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Black Americans Encouraged Not to Spend a Dime on #BlackoutDay2020

NATIONWIDE -- Tuesday, July 7, marks Blackout Day 2020, which is a social media campaign aimed at demonstrating just how powerful an economic force Black Americans are.

The campaign urges Black Americans not spend any money at all for the duration of Tuesday, but if they must they are encouraged to do so at Black-owned businesses only.

The campaign has been heavily promoted by activist Calvin Martyr and has been endorsed by celebrities including rapper T.I.

The ultimate goal of the campaign is to force business leaders and politicians to recognize and eliminate institutional racism.  

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