Bloomberg Businessweek – "America’s Largest Black-Owned Bank"
Date: October 16, 2025
Hosts: Carol Massar, Tim Stenovec
Guest: Terry Williams, President & COO of OneUnited Bank
Episode Overview
This episode offers an in-depth conversation with Terry Williams, President and COO of OneUnited Bank—the largest Black-owned bank in America. The discussion centers on the bank’s mission to build wealth in low- to moderate-income communities, innovative fintech efforts (especially with AI), strategies for serving the underbanked, and the real economic challenges facing American families. Special focus is paid to new digital solutions, partnerships with major tech firms, and the importance of financial literacy in driving economic empowerment.
Key Discussion Points & Insights
1. OneUnited Bank’s Mission & Digital Reach
- CDFI Focus: As a Community Development Financial Institution, OneUnited targets wealth-building in low to moderate-income communities.
- Digital Pioneers:
- 90% of customers interact online.
- Over 20 years as a digital bank.
- Branches in Boston, LA, and Miami.
- Nearly $1 billion in loans, primarily in underserved areas.
- Quote:
"We're about to introduce a really exciting product. It's called Wise One, and it's a conversational virtual agent that will help people manage their money. ... In this new evolution of technology, you need partners. And so we've really been thrilled to have Google really help us through this and using Gemini as the tool."
— Terry Williams [02:36]
2. Innovations in Financial Technology
- Wise One (Upcoming AI Tool):
- A conversational virtual agent powered by Google Gemini, Salesforce, JP Morgan, and Citi.
- Designed to offer actionable financial insights and assist with money management.
- Educational Focus:
- Financial literacy is embedded in the bank’s tools.
- AI-driven advice gives "GPS for your money."
- Quote:
"If you give people actionable insights and things that they can do—'Hey, here’s a budget. Here’s a budget tool.'—people really respond to that."
— Terry Williams [03:44]
3. Serving the Unbanked and Underbanked
- Second Chance Accounts:
- "YouTube Checking" lets people with negative banking history open accounts.
- Cash Please:
- Small-dollar, short-term loans ($1,000 max) with no credit check.
- APR is 22.5%—framed as a much more accessible option versus payday lenders (which often charge 300-400%).
- Loans designed not to be “rolled over,” encouraging positive credit behaviors.
- Positive repayment reported to credit bureaus.
- Quote:
"For if you have a bad credit score, you can't get a loan or unless you go to a payday lender and pay 3 or 400%. … Our 22.5% with no credit check is actually a great rate."
— Terry Williams [06:19]
4. Economic Challenges on Main Street
- Sharp Contrast with Wall Street:
- Hosts note strong earnings at big banks.
- OneUnited sees economic strain for regular families—declining savings and increased financial need.
- Essay Contest Insights:
- Teens use AI to write essays but the substance is revealing—kids express concern for helping their families with basics like groceries.
- Quote:
"This is the first time...children are talking about pocketbook issues. They want to win so they can help their family buy groceries…we can definitely feel that the economy…is not [rosy]."
— Terry Williams [07:29]
5. Community Support & Partnerships
- Support from Corporations & Wealthy Individuals:
- Significant deposits from major corporations and donors who value the bank’s community mission.
- Corporate partnerships (e.g., Google aiding AI development).
- Quote:
"I can't tell you how many...corporations, wealthy individuals that have deposits in the bank that really understand what we do, why we do it...they may not do it, but they really support how we’re doing it."
— Terry Williams [08:58]
6. Lending Focus & Geographic Reach
- Primary Lending:
- Affordable multifamily housing.
- "Cash Please" loans.
- Secured credit cards to build credit.
- Homeownership assistance.
- Footprint:
- Strong in Boston, Miami, and LA—especially in under-resourced neighborhoods (e.g., Compton, Crenshaw).
- Geographic expansion handled conservatively but open to opportunities.
- Quote:
"We're really a fintech that's also a community bank...You have the benefit of the regulatory environment, as well as banking online."
— Terry Williams [11:14]
7. Regulatory Landscape & Policy Wish List
- AI Regulation:
- Williams praises current regulatory approach as open-minded and flexible for innovation.
- Quote:
"We're introducing this tool and the regulators are not saying no. ... I can't tell you how huge that is. I've been in banking for 30 years and we're not getting no for like, you know, one of the first times."
— Terry Williams [12:20]
Notable Quotes & Memorable Moments
- On AI as Financial GPS:
"The AI tool will be a GPS for your money."
— Terry Williams [05:00 approx.] - On payday loans vs. Cash Please:
"If you go to a payday lender, [interest] is 3 or 400%. ... Our rate is 22 and a half percent with no credit check."
— Terry Williams [06:14] - On corporate deposits serving mission:
"They’re depositing at your bank ... as a sign of support as well as it gives us dollars to lend to the community."
— Carol Massar & Terry Williams [09:30] - On regulatory optimism:
"I've been in banking for 30 years and we're not getting no for like, you know, one of the first times."
— Terry Williams [12:36]
Important Timestamps
- 01:42: Show begins, introduces Terry Williams and OneUnited Bank
- 02:22: Williams describes bank’s digital approach, Wise One tool
- 03:44: The importance of actionable financial literacy
- 04:47: Outreach to and solutions for unbanked/underbanked
- 06:05: "Cash Please" and small-dollar lending
- 07:29: Real-world signs of economic strain through essay contest for youth
- 08:58: Who supports OneUnited Bank and why
- 10:20: Lending priorities and community focus
- 11:14: Market footprint and approach to expansion
- 12:20: Regulatory environment and policy outlook
Conclusion & Takeaway
This episode highlights the deep-seated economic needs in America’s most vulnerable communities and innovative ways Black-owned banks like OneUnited are closing the wealth gap through digital finance, partnerships, and AI-powered tools. Terry Williams demonstrates not only pride in the bank’s mission but also realism about the challenges ahead—and the vital role of education, technology, and community in creating lasting change.