NAACP Launches Financial Freedom Center in Washington DC
On Monday, April 4 the NAACP officially inaugurated the NAACP Financial Freedom Center, a project with Wells Fargo & Coto provide financial education and banking resources to consumers. The Washington, DC based 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 Center will provide workshops on topics such as money management and home preservation through partnerships with community groups in the D.C. area, and will serve as a base for NAACP units across the country to learn and organize around financial and economic empowerment. Find out more on the NAACP Economic Opportunity page.
View a photo slideshow from the official ribbon cutting: