- Operating with an inadequate level of capital for the kind and quality of assets held
- Failing to provide adequate supervision and direction over the officers of the Bank
- Engaging in speculative investment practices and failing to prudently diversify its equities portfolio
- Operating without sufficient liquidity, in light of the asset and liability mix and overall financial condition of the Bank
- Committing violations of law and regulation
In the two years since I've been reporting on OneUnited, it has not built a reputation of a well-run internet bank. Many readers have reported problems with the bank's online application, the online banking and with their customer service. OneUnited's policy of crediting interest quarterly is another issue.
OneUnited Bank has average financial ratings for soundness: 3 stars (adequate) at BauerFinancial and 3 stars (performing) at Bankrate.com. However, these ratings are based on 6/30/08 data. The FDIC just released 9/30/08 data, so it'll be interesting to see how the ratings change. This is one example of how these ratings can miss a lot.