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Urban Trust To Provide Low Cost Prepaid Financial Products To Underserved Consumers

 

 

 

Urges Cooperation between Industry and Regulators to Assure Maximum Access to Financial Services for the Underbanked

BETHESDA, Md., -- Today, Robert L. Johnson, Chairman of Urban Trust Holdings, Inc., the owner of Urban Trust Bank, delivered the keynote address to attendees at the Prepaid Expo USA in Las Vegas, NV where he outlined Urban Trust's plans and commitment to provide transparent and quality financial products to urban and African Americans who lack and/or are denied access to mainstream financial services.

"Urban Trust's primary mission is to provide consumers with cost efficient and easily understood financial products and services. We are committed to moving people who don't have access to traditional financial services away from expensive and confusing alternatives into more affordable and transparent Urban Trust products that will enable them to better manage their financial well being. We believe prepaid products are a key part of achieving this goal and one way in which we are doing this is through the Urban Trust Success prepaid Visa card."

The Urban Trust Success card, a low-cost alternative to non-banked products that allows consumers to accomplish a host of financial goals and Elastic from Urban Trust, in partnership with ThinkCash, provides consumers with access to emergency cash at a lower fee than non-traditional financial services lenders and overdraft fees are two branded products to help consumers gain more control of their financial well being.

Johnson also noted in his speech efforts to educate consumers on financial literacy as a key objective of Urban Trust's strategy, he said, "Educating consumers through financial literacy is critical and its importance cannot be overstated. As we all know, today's financial marketplace provides an overwhelming array of choices and responsibilities.  The more knowledge people have, the more responsibly people will use our products. We are also working with our partners to ensure the same level of transparency in the products we issue."

Mr. Johnson called for an informative dialogue among the financial industry to ensure that consumers are well protected and financial service providers are given an opportunity to be profitable.

He added, "I want to urge regulators, consumers groups and business leaders to work together to find a proper balance between too much regulation and too little.  I firmly believe consumers deserve to be protected.  I also firmly believe we deserve to make a reasonable profit, provided we offer products that are easily understood and cost efficient."

Editors Note: Mr. Johnson's speech: "Customer Focused Solutions: Responsive and Transparent" is available on line atwww.rljcompanies.com and www.urbantrustbank.com.

About The RLJ Companies: The RLJ Companies, founded by Robert L. Johnson is a diverse portfolio of companies in the financial services, asset management, real estate, hospitality, professional sports, film production, and gaming industries. An innovative business network, The RLJ Companies seeks to target undiscovered or underserved markets; then exercise solid management to achieve results. The RLJ Companies is headquartered in Bethesda, Maryland, with operations inCharlotteLos AngelesFloridaPuerto Rico, and Monrovia, LiberiaMedia Inquiries: Traci Otey Blunt, The RLJ Companies at 240.744.7858 or press@rljcompanies.com.

About Urban Trust Bank: Urban Trust Bank (UTB) is a federally chartered community-oriented bank that provides value-oriented, common-sense banking and mortgage services through a network of branches in Florida and the Washington, DC region. UTB is developing a suite of products to empower individuals and families in diverse communities who have been underserved by traditional financial institutions. UTB is among the largest African-American controlled banks in the country and has been highlighted in national and local media, including The Washington Post, CNBC, The Wall Street Journal, The Orlando Business Journal, and USA Today. UTB is designated as well capitalized by the Office of Thrift Supervision the highest possible capital rating. For more information visit Urban Trust Bank online at:www.urbantrustbank.com.

 

SOURCE Urban Trust Bank

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