OneUnited Bank, the largest Black-owned banking institution in the U.S., is running the #OneTransaction campaign. For its work to empower Black Americans and close the wealth gap, the campaign aims to help people make a life-changing, "strategic transaction" that will ultimately appreciate over time.
"We call it the One Transaction program because in today's dollars, that gap, even though it seems significant, it's really not that significant, and a single well-executed transaction can close that gap," Kevin Cohee, CEO of OneUnited, told Cheddar.
According to figures from the Federal Reserve, on average white Americans hold ten times the net worth of Black Americans at approximately $171,000 compared to just $17,000.
Examples of life-changing purchases, according to Cohee, include home buying, stock investments, and insurance. He also suggested that Black families take time to establish their last will and testaments as only "28 percent of Black families" have them.
OneUnited is set to hold a virtual conference that will act as a guide for those looking to change their financial situation. The conference will focus on teaching techniques to build net worth and how to earn multiple streams of income so families are able "to not just survive but to thrive in our society."
The goal of the program, Cohee said, is to normalize conversations about money and wealth building among Black Americans.
"This initiative is a systematic approach that really works. We're not guessing about this. These are the transactions you need to know how to do in order to build net worth," he added.
About nine million people with student loans missed their first payment after the recent pandemic pause, according to data.
Spending this holiday season is set to significantly rise, according to an economic survey from CNBC.
Google settled an antitrust lawsuit, Tesla is reportedly raising pay, a group is suing Utah over its social media policies for kids and the founder of Nikola was sentenced to prison.
The White House is lending its support to an auto industry effort to standardize Tesla’s electric vehicle charging plugs for all EVs in the United States.
Some of America’s biggest retailers are working to increase their shipping speeds to please shoppers expecting faster and faster deliveries.
A group representing several big tech companies is suing Utah over state laws about children's social media use.
Google has agreed to pay $700 million to settle an anti-trust settlement.
Stocks were up after the closing bell as Wall Street continued to pin their hopes on rate cuts after last week's comments from the Fed.
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Google has agreed to pay $700 million and make several other concessions to settle allegations that it had been stifling competition against its Android app store — the same issue that went to trial in another case that could result in even bigger changes.
