There’s a new boss in charge at Wells Fargo, and she’s making history.

To steer disadvantaged communities toward a more equitable future, Wells Fargo and Bishop T.D. Jakes are taking action.

Michelle Y. Lee has remained faithful to Wells Fargo for 39 years, and now even holds the title of executive vice president of regional banking. Lee oversees over 4,000 branches with more than 42,500 employees across 36 states and the District of Columbia. Prior to these responsibilities, Lee worked her way toward the top of the corporate ladder as a teller. While stepping into her entry-level position, Lee found her footing and knew she wanted to advance her career with the bank giant. At this time, Lee only saw those who looked like her in positions as branch managers. Therefore, she aimed to become one, too. “After a couple of years, I decided to pursue a career in banking. I didn’t know what I wanted to be. At the time, the only person I saw that looked like me was a couple who were branch managers. So, that’s where I saw the possibility for me because that’s where I saw people who looked like me. And that’s what I set out to do to become, a branch manager,” Lee told AfroTech.

Diversity, equity, and inclusion (DEI) initiatives are the vibe for most companies to create more equitable and just spaces, but if it’s rooted in dishonesty – wasn’t it counterproductive? The supposed dishonesty has people looking for answers. An ex- Wells Fargo executive alleges that the banking institution held “fake interviews” with women and people of color for jobs already filled to inflate its diversity efforts.

Wells Fargo will be furthering their efforts toward racial equity in homeownership. According to a press release, the bank giant has pledged $210 million to support minority families as they navigate homeownership. “Wells Fargo has long been a leader in lending to minority families. These efforts are an important next step and will help close the homeownership gap between white and minority families created by decades of systemic inequities,” said Kristy Fercho, CEO of Wells Fargo Home Lending, according to a press release. “We are taking meaningful action by reimagining the homeownership journey to support minority families in realizing the dream of homeownership.” Wells Fargo will allocate $150 million to reduce refinancing costs and to ensure minority homeowners have access to more affordable mortgage rates. Wells Fargo’s action will be supported by a Special Purpose Credit Program (SPCP). Minority homeowners who are serviced currently by Wells Fargo will receive support to...

Wells Fargo will be facing a lawsuit for alleged discriminatory practices. As AfroTech previously reported, Bloomberg revealed various Black applicants hoping to refinance their homes were denied at an alarming rate in comparison to white homebuyers. Already, U.S. Senate Banking Committee Chair Sherrod Brown, an Ohio Democrat, and other Democratic senators are keeping their eyes on Wells Fargo following Bloomberg’s recent report. As a collective, they are calling for regulators to look into Well Fargo’s refinancing practices during the pandemic. “Black applicants are further subjected to delays, feigned mistakes, and other obstacles, leading many Black Americans to withdraw their requests for refinancing, and leading others to wait indefinitely while Wells Fargo refuses to act upon their applications,” the complaint read, according to Bloomberg. Wells Fargo issued a statement exclusively to AfroTech following the Bloomberg News report. “We remain focused on pursuing our $185 billion...

Black Americans were short-changed amidst a promising time for refinancing home loans. According to Bloomberg’s analysis of federal mortgage data, Wells Fargo rejected nearly half of Black applicants who were looking to refinance their homes. Worsening matters, the banking giant approved applications for more lower-income white applications than the highest-earning Black applicants. Engineer Mauise Ricard III experienced Wells Fargo’s rejection firsthand after paying $560.43 to refinance his home in the suburbs of Atlanta. Richard was married to a doctor and had a credit score boasting over 800. The loan officer affirmed he could qualify for a fast-track appraisal. Yet, what should have been a clear green light turned into a string of issues. Bloomberg reports, Richard’s former home was in a predominantly Black neighborhood and he was told by the loan officer “perhaps the area is not eligible” for fast-track appraisal. Later, the loan officer told Richard his rate would increase by...

Serving as the leading bank of Florida A&M University (FAMU) , The Wells Fargo Foundation has placed a generous contribution to spur women and minority-owned businesses. The $100,000 grant is a part of Wells Fargo’s continued partnership with FAMU to commit a total of $500,000 across Orlando and Tallahassee, FL. The funds will back the creation of a small business incubator and support the project’s staff operations, business development, and expansions goals. “As FAMU’s official bank, we are pleased to see Wells Fargo stepping up its commitment to small business development. This initiative will catalyze entrepreneurship and reap dividends for years to come,” says FAMU President Larry Robinson in an official press release from the FAMU Forward. The incubator will sow seeds of promise for many minority businesses who participate. In an interview with Tallahassee Democrat, Shawnta S. Friday-Stroud- vice president for University Advancement and director of the FAMU Foundation- noted...