It is also registered by the Federal Deposit Insurance Corporation (FDIC), and certified as a community development financial institution (CDFI) by the United States Department of Treasury.

"Favorable" statutory factors, other relevant information and Comptroller of Currency reports led to the approval of the merger transaction application from Boston Bank of Commerce, by the Board of Governors of the Federal Reserve System, the Director of the Office of Thrift Supervision, and the Attorney General of the United States.

In 1995 a significant capital infusion was made under the current Chairman and CEO Kevin Cohee and President and COO Teri Williams,[3] along with a new strategy of acquiring African American-owned banks and thrift institutions in major metropolitan markets.[which?]

In 2001 the institution merged with Founders National Bank of Los Angeles, of which the majority owners were former professional basketball player and businessman Earvin "Magic" Johnson, musician Janet Jackson, and former Motown Records President Jheryl Busby.

[5] In the latter part of 2008 and the beginning of 2009, OneUnited experienced financial problems as their equity investment in Freddie Mac and Fannie Mae became worthless.

Bank branches that currently provide these services over-the-counter are now only located in the metropolitan areas of Boston, Miami, and Los Angeles.

Sending a check by mail is the current de facto payment method for Unity Credit Card holders who live at long distances from bank branches.

[13] OneUnited came to media attention in 2020 after offering a Visa card featuring an image of abolitionist, slave rescuer and political activist Harriet Tubman apparently performing a "Wakanda Forever" salute (from the film Black Panther).