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Financial Tips: OneUnited Bank mission is to provide affordable financial services in urban communities nationwide.
· 34 min
Episode Financial Tips: OneUnited Bank mission is to provide affordable financial services in urban communities nationwide.
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Two-time Emmy and Three-time NAACP Image Award-winning, television Executive Producer Rushion McDonald interviewed Kevin Cohee. Owner, Chairman & CEO of OneUnited Bank, discusses the mission, history, and future of OneUnited Bank, the largest Black‑owned bank and the first Black‑owned internet bank in the U.S. The conversation connects Black economic history, financial literacy, technology (AI), and wealth-building, positioning OneUnited Bank as a modern solution to long‑standing financial exclusion in Black and underserved communities.
Purpose of the Interview
The interview is designed to:
• Educate listeners on why Black-owned banks matter historically and economically. • Explain how technology has transformed banking, making location irrelevant. • Address financial exclusion, particularly reliance on check-cashing services. • Promote financial literacy as the foundation of wealth creation. • Position OneUnited Bank as a practical, accessible tool for individuals, entrepreneurs, and communities to build equity.
Key Themes & Takeaways 1. A Mission Rooted in Black History
• Kevin Cohee frames OneUnited Bank as part of a long historical vision, not a modern trend. • Leaders such as Booker T. Washington, W.E.B. Du Bois, and Dr. Martin Luther King Jr. all advocated for a national Black-owned bank. • Cohee’s own family legacy ties back to Black Wall Street in Tulsa, Oklahoma, including land ownership stemming from negotiated “40 acres and a mule” outcomes.
Takeaway: Economic independence has always been central to Black progress.
2. From Brick-and-Mortar to Digital Banking
• OneUnited originally grew by acquiring small Black-owned banks nationwide. • The bank pivoted early toward technology-driven banking, recognizing that:
• Customers expect 24/7 access • Physical branches are no longer required • Digital reach enables national—and global—impact
Key insight: Technology allowed OneUnited to become a national Black bank without national branches.
3. Financial Technology Built for Real-Life Problems
Kevin Cohee emphasizes that OneUnited designs products around how people actually live, not just traditional banking norms.
Examples include:
• Second-chance checking accounts • Emergency small-dollar loans • Alternative credit criteria • Nationwide surcharge-free ATM access • AI-powered tools that help users understand:
• Cash flow • Assets vs. liabilities • Net worth (or debt) • Financial decision-making in real time
Takeaway: Banking should help people function—not punish them for past mistakes.
4. Financial Literacy Is the Real Wealth Gap
• Cohee states that 90% of Americans are financially illiterate, largely because:
• Financial literacy is not taught in K–12 education
• He compares this to not teaching reading—and then blaming people for illiteracy. • OneUnited uses AI and data aggregation to help customers make expert-level decisions without being experts.
Key message: Financial literacy, not income alone, determines long-term wealth.
5. Ending Dependence on Check-Cashing Services
• Kevin sharply criticizes high-fee check-cashing businesses that dominate underserved neighborhoods. • OneUnited offers digital check deposits, debit cards, and ATM access—removing the need for physical branches. • Anyone, anywhere in the U.S., can bank with OneUnited via oneunited.com.
Takeaway: Lack of access is no longer an excuse—awareness is the missing link.
6. Technology as the New “40 Acres”
• Kevin draws a powerful parallel:
• Land…
Links in the notes 4
Transcript
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