Visa Inc (NYSE:V) is teaming with Boston-headquartered OneUnited Bank, the nation's largest Black-owned bank, on a campaign designed to mitigate the racial wealth gap.
What Happened: The new OneTransaction Campaign will encourage Black families to select one financial goal to accomplish in 2021 while providing strategies for achieving that goal.
That transaction could range from improving a credit score, setting up an investment portfolio or an automatic savings account, taking out a life insurance policy or writing a will.
The campaign will culminate with a virtual financial conference held on June 19, the Juneteenth holiday, featuring experts in business and personal finance, including Washington Post personal finance columnist Michelle Singletary, "Shark Tank" star Daymond John and Pulitzer Prize-winning journalist and radio talk show host Karen Hunter.
The conference is free but requires reservations for attendance.
Why It's Important: In announcing the campaign, the companies highlighted Brookings Institution research that determined the typical net worth of a Black family is $17,150 compared to $171,000 for a White family.
"Prioritizing financial educational and tailoring solutions to close the financial disparities is key to building generational wealth," said Mary Ann Reilly, senior vice president of North America marketing at Visa.
"By partnering with OneUnited Bank, we are both working towards driving lasting systemic change and enabling individuals, businesses and economies to thrive."
The racial wealth gap for each family can be closed by one strategic transaction, said Kevin Cohee, chairman and CEO of OneUnited Bank, which is also the nation's only Black-owned digital bank.
"By encouraging our community to accomplish One Transaction in 2021, we can make financial literacy a core value of the Black community and create generational wealth."
Visa's Equity Push: The OneTransaction campaign is the latest endeavor by Visa to address racially driven economic disparities.
Last November, the company started the Visa Economic Empowerment Institute to promote equitable global economic empowerment of individuals, businesses and societies.
In December, the Visa Foundation announced it would provide nearly $5 million in grants to nonprofit initiatives focused on encouraging minority-owned small- and midsized-businesses.