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WELLS FARGO Wells Fargo ... Our 10-year commitment ... Increasing access | Financial education | Task force | In the news 
Original article: https://www.wellsfargo.com/jump/enterprise/banking-inclusion-initiative/ Peter Burgess COMMENTARY Peter Burgess | ||
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Wells Fargo ... Our 10-year commitment ... Increasing access | Financial education | Task force | In the news
Banking Inclusion Initiative. Connecting more people to banking. The Banking Inclusion Initiative is our 10-year commitment to accelerate the access of unbanked communities to affordable mainstream accounts and have easier access to low-cost banking. We're focusing on Black and African American, Hispanic, and Native American/Alaska Native families, who account for more than half of America's 7 million+ unbanked households.1 We're also assisting those who are underbanked and underserved, who may have a bank account yet still use high-cost, non-bank services. We have brought together a broad and diverse group of national and community stakeholders to increase access to digitally-enabled transactional accounts and meaningful financial education. Through this initiative, we've been collaborating with partners to test new solutions and empower individuals through financial coaching on budgeting and credit. According to 2019 FDIC data, Black and African American, Hispanic, and Native American/Alaska Native families account for more than half of America's 7 million unbanked households. Quote: Through our Initiative, we have organized our resources under one umbrella and work with a broad and diverse group of stakeholders on a sustained multi-year effort to accelerate financial inclusion. A headshot of Charlie Scharf, CEO, Wells Fargo, appears to the left of the quote text. Our commitment in action Access to affordable products and digital solutions
We have teamed up with Operation HOPE to establish HOPE Inside financial coaches within selected Wells Fargo branches across the U.S., starting with Atlanta, Houston, and Oakland. Now live at 14 schools, we've partnered with the HBCU Community Development Action Coalition to launch Our Money Matters at Historically Black Colleges and Universities (HBCUs) and Minority Serving Institutions (MSIs), a comprehensive financial wellness initiative for college students of color, who disproportionally face greater financial challenges and college debt. This initiative aims to equip students with much needed financial capability skills and access to support services. With more than 25% of our branches in low- to moderate-income (LMI) neighborhoods, we are introducing a new program within LMI neighborhood branches specially designed around the needs of the diverse communities we serve. The branches feature redesigned spaces created to deliver one-on-one consultations, improve digital access, and offer financial health seminars. We have selected a set of pilot locations to introduce the program, with a plan to expand to 100 LMI neighborhood Community Connections branches that have a high concentration of unbanked individuals. Quote: Supporting this game changing, transformational work at Operation HOPE will support underserved communities in very meaningful ways. A headshot of John Hope Bryant, Chairman and CEO, Operation HOPE, Inc., appears to the left of the quote text.Quote: With branches in more communities than any other financial institution, we have a responsibility to do even more to address this issue, and the pandemic has increased the urgency. A headshot of Mary Mack, CEO of Consumer and Small Business Banking, Wells Fargo, appears to the left of the quote text.
We have established and are leading a task force that is collaborating with us to bring more people into the banking system from underserved communities, while also providing feedback on the strategies and initiatives, and the best ways to measure success. The task force includes representatives from Hope Enterprise Corporation, LULAC (League of United Latin American Citizens), NAACP (National Association for the Advancement of Colored People), NAFOA (Native American Finance Officers Association), NBA (National Bankers Association), NCRC (National Community Reinvestment Coalition), NCAI (National Congress of American Indians), National Urban League, and UnidosUS.
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| The text being discussed is available at | https://www.wellsfargo.com/jump/enterprise/banking-inclusion-initiative/ and |