NAACP Commends Wells Fargo’s Investment in African American Community-Based Banks
Baltimore (March 10, 2020) Today, Wells Fargo announced an additional $50 million investment in programs supporting economic growth in African American communities across the country. NAACP applauds this investment and its prospect to build Black financial power.
"Providing access to mortgage credit and business loans through African American community-based banks is a positive step in remediating some of the issues that are still prevalent," said Derrick Johnson, president and CEO. "This is an important signal from Wells Fargo's new CEO Charlie Scharf that they are committed to addressing past failures and problematic policies."
African Americans have disproportionately been denied access to financial resources that can lead to wealth building and economic independence. In partnership with organizations and companies such as Wells Fargo, the NAACP encourages initiatives centered on economic inclusion and financial participation of the Black community.
This year, with the support of Wells Fargo, the NAACP has provided financial literacy, economic empowerment resources and support to a wide range of young Black entrepreneurs.