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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.
A Black dollar is a powerful tool. From the popularity of fashion items in culture to the work to overcome systemic barriers, the Black community works in various ways to build, accumulate, and maintain wealth. But in the words of Langston Hughes, “Life for me ain’t been no crystal stair.” Black people have not always had the luxury or ease of access to the tools and resources necessary to build wealth. Because of the historical and present systems that impact the ability to build wealth, there is a lack of trust in traditional banking systems. This lack of confidence has caused many Black people to be considered “unbanked,” ultimately leading to a significant disparity in financial equity. The folks at Wells Fargo have taken particular notice of this disparity. As a part of its Banking Inclusion Initiative, the bank partnered with Black-led fintech startup MoCaFi to help alleviate the financial barriers for BIPOC community members. AfroTech had the opportunity to speak with the CEO...
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’s alleged discriminatory loan practices seem to be coming with consequences as New York City has announced it will no longer open new depository bank accounts with the company, according to an official letter. AfroTech has been tracking the findings surrounding Wells Fargo’s lending practices, and as we just told you, information released by Bloomberg suggested half of the Black applicants who were looking to refinance their homes were rejected. More recently, we reported Wells Fargo received backlash for allegedly rejecting lower interest rates for Black homeowners leading to a proposed class-action lawsuit in San Francisco, CA. In response, it appears New York City is taking a stand against Wells Fargo’s alleged actions in an official statement released Friday, April 8 by Mayor Eric Adams and Comptroller Brad Lander. “As the Mayor and Comptroller of New York City, a diverse community where Black homeowners own and are the primary residents of more than a quarter of...
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...
More communities will have a pathway towards financial freedom. According to a press release, Wells Fargo and Operation HOPE, Inc. have partnered to support underserved households. Soon community members will have access to the HOPE Inside program which will provide access to financial coaches, financial education workshops, and free personal coaching. The resources will empower communities along their financial journey. “We know from our outreach and work with national and community stakeholders that financial education and guidance, and an individual’s sense of inclusion and trust, are all important factors in bringing more people who are unbanked into the formal banking system,” said Darlene Goins, head of Wells Fargo’s Banking Inclusion Initiative, according to a press release. “Working with Operation HOPE is one important way that we can remove barriers to financial inclusion and help empower people with education, resources and tools to manage their money, improve their credit...
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...
Wendy Williams has finally weighed in on the Wells Fargo controversy, and she’s had enough of people speaking for her. The talk show host — currently embroiled in a dispute with the banking giant about needing a guardian to oversee her finances — is claiming that she neither needs nor wants what they’re suggesting. In other words, run her the money! “They say that I need somebody to handle my accounts, and I don’t want that. I want all my money,” she said in an interview (per The New York Post). “I want to see all my money that I worked hard for my entire life. My entire life. I don’t lie, and I don’t cheat, and I don’t steal. I am an honest, hardworking person.” And she further insinuated that people wanted control of her accounts because of how much money she had in them. “Well, you know, when people want control of their accounts, they say anything, including something crazy like that about me,” Wendy Williams said after filing a restraining order against the banking giant. “I...
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...
Pesky overdraft fees could soon be a thing of the past thanks to a historic move by Citi. The United States bank has revealed plans to drop its overdraft fees just in time for summer vacation, CNN reports. “This latest enhancement is a significant step for Citi as a leader in the banking industry offering the most consumer-friendly overdraft practices,” Gonzalo Luchetti, CEO of US Personal Banking at Citi, said in a statement . “We are continuously looking for ways to utilize our industry-leading capabilities to make the financial system easier and more equitable for communities who have little or no financial buffer.”
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...