NAACP, Wells Fargo to Open 'Financial Freedom Center'

The NAACP today is announcing the opening of the NAACP Financial Freedom Center, the next phase of an historic agreement with Wells Fargo & Co. (NYSE: WFC) 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 opening ceremony is taking place at the center, located in Washington, DC.

In attendance will be principals of the NAACP and Wells Fargo, including President and CEO Benjamin Todd Jealous; Jon R. Campbell, executive vice president of Social Responsibility at Wells Fargo; and Mike Golden, Washington, D.C. regional president.

The NAACP Financial Freedom Center will provide workshops on topics such as money management and home preservation through partnerships with community groups in the Washington, D.C. metro area. The agreement with Wells Fargo and NAACP was initiated last year, and also includes a process for sharing data, assessing Wells Fargo’s lending and servicing practices, and shared accountability for progress.