WASHINGTON (Research and Markets) - The NAACP announced today the opening of the NAACP Financial Freedom Center, the next phase of a groundbreaking agreement with Wells Fargo & Co. to provide financial education and banking resources to consumers. The Center will be the headquarters of the NAACP Financial Freedom Campaign, an initiative to influence change in the banking industry, prevent unfair mortgage lending practices, protect the community against predatory mortgage lending practices, improve fair credit access, and promote sustainable homeownership, financial education and wealth building strategies in historically disadvantaged communities. The agreement with Wells Fargo and NAACP was initiated last year and through this partnership, Wells Fargo became the first bank to endorse the NAACP’s Responsible Mortgage Lending Principles. The agreement also includes a process for sharing data, assessing Wells Fargo’s lending and servicing practices, and a shared accountability for progress.
The NAACP Financial Freedom Center will provide workshops on topics such as money management and home preservation through partnerships with community groups in the D.C. area. The Financial Freedom Center will serve as a base for NAACP units across the country to learn and organize around financial and economic empowerment. It will also hold gatherings to educate leaders in the financial industry about the historical impact of racial discrimination and best practices in achieving racial equity. The Financial Freedom Center will be staffed by a team of NAACP professionals. Volunteers from nonprofit organizations, financial institutions such as Wells Fargo, and others will be on site at the Center and across the country to provide guidance in such areas as home preservation, attaining a mortgage, credit repair and more.
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