Hollyer Than Thou

Lack of access to financial services (as opposed to pay day lenders) is a major obstacle for many low-income Americans as they try to establish financial security and save for their children. OneUnited was one of a few banks that claimed to focus on low-income minority populations who otherwise have little access to banking, and therefore little access to small-business lending and college saving accounts. 

Unfortunately for a good chunk of the Los Angeles, Boston, and Miami areas, where OneUnited has its branches, OneUnited is coming under investigation for improper use of bank funds, including the payment of the owner’s mortgage and sports car lease. 

This scrutiny has come upon the bank in connection to a scandal involving Congresswoman Maxine Waters of South L.A., whose husband was on the board of OneUnited at the time her staff was lobbying for protections for the bank. 

Another bad day in banking for low-income, minority Main Street.