OneUnited Bank, the controversial Boston-based lender, is trying to make a comeback from its financial problems with a new credit card product aimed at consumers trying to repair bad credit.
The card could help OneUnited, one of the largest black-owned banks in the country, overcome criticism from federal regulators that it doesn’t lend enough to low- and moderate-income borrowers, despite having branches in underserved neighborhoods. The credit card, billed as the “comeback card” will initially be marketed in the bank’s three primary locations, Los Angeles, Boston and Miami, said Teri Williams, the bank’s president.
It’s the first major product launched by OneUnited since the 2008 financial crisis, when the bank lost $50 million because of investments in Fannie Mae and Freddie Mac. Full story for BostonGlobe.com subscribers.