Business
Wells Fargo Invests in 5 Additional Black-Owned Banks
Wells Fargo is also supporting each MDI’s development through a banking relationship in the form of a single touchpoint coverage model that will help them access Wells Fargo’s expertise and pursue strategic priorities like entering new markets, expanding locations, designing new products, and hiring staff to support loan growth.
Wells Fargo has invested in 11 Minority Depository Institutions in 2021 as part of a $50 million pledge and a commitment to foster economic growth in Black and African American communities
On Tuesday, Wells Fargo & Company (NYSE: WFC) announced equity investments in five African American Minority Depository Institutions, or MDIs, as part of its March 2020, pledge to invest up to $50 million in Black-owned banks.
As part of the equity capital investment, Wells Fargo is also offering access to a dedicated relationship team that can work with each MDI on financial, technological, and product development strategies to help each institution strengthen and grow.
“The country’s MDIs are vital to minority communities, but over the last two decades, many have declined or have closed. The capital investment we are announcing is important, but it’s our relationship approach that will make the difference in their futures. We want to be a partner to these important institutions and, in turn, have a positive effect on local communities,” said William Daley, vice chairman of Public Affairs at Wells Fargo.
Tuesday’s announcement includes investments in the following institutions:
- Carver State Bank in Savannah, Ga.
- Citizens Trust Bank in Atlanta, Ga.
- First Independence Bank in Detroit, Mich.
- Liberty Bank in New Orleans, La.
- Unity National Bank in Houston, Texas
These investments follow Wells Fargo’s Feb. 8, 2021, announcement regarding its investments in six African American MDIs and takes the Company’s total investment to 11 MDIs to date.
In addition, Wells Fargo will be making its nationwide ATM network available for customers of these 11 MDIs to use without incurring fees.
“Guided by our founding principles to promote financial stability and equality for all communities, Citizens Trust Bank is proud to partner with Wells Fargo in expanding these efforts. The partnership enhances our ability to deploy more capital in our markets and beyond. We appreciate Wells Fargo for its commitment and alliance in providing solutions to the very important challenge of addressing inequalities that disproportionately impact communities of color,” said Cynthia N. Day, president and CEO of Citizens Trust Bank.
Wells Fargo’s financial commitments are in the form of critical equity capital, which is foundational to the MDIs’ ability to expand lending and deposit-taking capacity in their communities. The investments, primarily non-voting positions, are designed to enable the banks to maintain their MDI status.
Wells Fargo is also supporting each MDI’s development through a banking relationship in the form of a single touchpoint coverage model that will help them access Wells Fargo’s expertise and pursue strategic priorities like entering new markets, expanding locations, designing new products, and hiring staff to support loan growth.
Wells Fargo’s financial commitment announced Tuesday complements additional initiatives that aim to serve all of our customers and communities:
- On March 30, 2021, Wells Fargo closed on a $5 million patient capital loan to Hope Enterprise Corporation (HOPE), a 501(c)(3) and a certified Community Development Financial Institution that is dedicated to strengthening communities, building assets, and improving lives in the Delta and other economically distressed areas of the Deep South. HOPE plans to use the funds as secondary capital for its credit union, providing financial services to underserved markets and people in the Deep South. Based in Jackson, Mississippi, HOPE serves Alabama, Arkansas, Louisiana, Mississippi, and Tennessee.
- On March 25, 2021, Wells Fargo was one of several U.S. banks and payment technology companies named as investors in Greenwood, the digital banking platform for Black and Latino individuals and business owners, as part of Greenwood’s $40 million of Series A funding. Greenwood is partnering with FDIC-insured banks to give customers the ability to spend and save securely and will feature best-in-class online banking services, innovative ways to support minority-owned banks, and give-back programs focused on Black and Latino causes and businesses.
In the 10 years spanning 2009 to 2018, Wells Fargo was the No. 1 financier of home loans to African Americans and originated more mortgages to help Black home buyers purchase homes than the four other largest bank lenders combined.
Edith Rocío Robles is the assistant vice president of Corporate Communications for Wells Fargo Community Banking, Bay Area Region.
BayCityNews
State Attorney General Issues Consumer Alert for Storm Price Gouging
In response to Gov. Gavin Newsom’s declaration of a state of emergency, California Attorney General Rob Bonta warned consumers that price gouging during the state’s series of storms is illegal. On Wednesday, Bonta issued a consumer alert reminding residents that it is against the law for sellers to increase prices by over 10%. The law applies to sellers with food, emergency or medical supplies, building materials and gasoline for sale.
By Bay City News
In response to Gov. Gavin Newsom’s declaration of a state of emergency, California Attorney General Rob Bonta warned consumers that price gouging during the state’s series of storms is illegal.
On Wednesday, Bonta issued a consumer alert reminding residents that it is against the law for sellers to increase prices by over 10%. The law applies to sellers with food, emergency or medical supplies, building materials and gasoline for sale.
Also prohibited are extreme price spikes for reconstruction services, cleanup services, transportation services and rental housing and hotel accommodations.
Sellers are exempt from the prohibition if the price of labor, goods or materials have increased.
Violators are subject to fines up to $10,000 or a one-year county jail sentence, and civil penalities.
Californians who believe they were a victim of price gouging are urged to report the incident to local authorities or to Bonta’s office at oag.ca.gov/report.
Copyright © 2023 Bay City News, Inc. All rights reserved. Republication, rebroadcast or redistribution without the express written consent of Bay City News, Inc. is prohibited. Bay City News is a 24/7 news service covering the greater Bay Area.
BayCityNews
Kia, Hyundai Under Scrutiny From Attorneys General Over Lack of Vehicle Anti-Theft Devices
California Attorney General Rob Bonta and nearly two dozen other attorneys general sent a letter Monday to executives with Kia America and Hyundai Motor Company over concerns that the companies have failed to include anti-theft technology in their cars. The attorneys general argued that Kia and its parent company, Hyundai, declined to include an anti-theft device called an engine immobilizer in their vehicles that use a mechanical key rather than a push-button ignition and were sold in the U.S. between 2011 and 2022.
By Eli Walsh
Bay City News
California Attorney General Rob Bonta and nearly two dozen other attorneys general sent a letter Monday to executives with Kia America and Hyundai Motor Company over concerns that the companies have failed to include anti-theft technology in their cars.
The attorneys general argued that Kia and its parent company, Hyundai, declined to include an anti-theft device called an engine immobilizer in their vehicles that use a mechanical key rather than a push-button ignition and were sold in the U.S. between 2011 and 2022.
Engine immobilizers were standard in 96% of other new cars by 2015, including the same Kia and Hyundai models the companies sold in Canada and Europe, according to the attorneys general, but were only installed in 26% of Kia and Hyundai models in the U.S. that same year.
As a result of the vehicles not coming with an engine immobilizer installed, thefts of Kia and Hyundai vehicles have skyrocketed in recent years. Some social media users have even posted videos demonstrating how to hotwire the vehicles using a USB cord.
The attorneys general noted that thefts of Hyundai and Kia vehicles in places like Milwaukee rose by 895 cars in 2020 to 6,970 cars in 2021, according to data from the Milwaukee Police Department.
California has seen a similar spike, according to Bonta, as thefts of Hyundai and Kia cars rose by 85% year-over-year in 2022 and have made up 38% of all vehicle thefts in Berkeley since the start of 2023.
“Hyundai and Kia made a decision to forgo a standard safety feature that would help protect owners’ investments, and now their customers are paying the price,” Bonta said in a statement. “It’s time for Hyundai and Kia to take responsibility for their poor decision which is hurting American families and putting public safety at risk.”
The attorneys general also argued in their letter that the lack of engine immobilizers in certain Kia and Hyundai models is now affecting Kia and Hyundai owners who have not had their cars stolen, as some car insurance providers are denying new policies for the vehicles.
Hyundai said last month that it would release a software update to some 4 million vehicles in an effort to prevent thefts. Hyundai has also installed an engine immobilizer in all vehicles produced since November 2021.
The company said Monday that it has also provided more than 40,000 theft-preventing steering wheel lock devices to more than 370 local law enforcement agencies, as some affected Kia and Hyundai vehicles are not compatible with the software update.
“Hyundai is committed to the quality and integrity of our products and plans to continue supporting the communities affected by this theft issue,” the company said in a statement, adding that all Hyundai and Kia vehicles meet federal safety standards.
“We appreciate and share the interest in addressing the rise in thefts of these vehicles,” Hyundai said in its statement.
The attorneys general called the company’s efforts to prevent vehicle thefts “long overdue and still not enough,” and argued that the company has undermined public safety across the country.
“We urge you to do everything in your power to accelerate the implementation of the software upgrade and to provide free alternative protective measures for all those owners whose cars cannot support the software upgrade,” the attorneys general said in their letter.
Along with Bonta, the top prosecutors in the states of Arizona, Colorado, Connecticut, Delaware, Illinois, Massachusetts, Maryland, Nevada, New Jersey, New Mexico, New York, North Carolina, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Vermont, Washington, Wisconsin, the District of Columbia and the director of the Utah Division of Consumer Protection signed the letter.
Owners of Kia and Hyundai vehicles sold between 2011 and 2022 can visit https://www.hyundaiantitheft.com for information about the software update or the need for a physical anti-theft device.
Copyright © 2023 Bay City News, Inc. All rights reserved. Republication, rebroadcast or redistribution without the express written consent of Bay City News, Inc. is prohibited. Bay City News is a 24/7 news service covering the greater Bay Area.
Arts and Culture
Fremont Restaurant Week Kicks Off
Today marks the beginning of our inaugural Fremont Restaurant Week, a celebration of Fremont’s diverse culinary offerings and local small businesses. From March 17-26, enjoy 10 days of exclusive menu offerings from 40+ restaurants all over the city.
Today marks the beginning of our inaugural Fremont Restaurant Week, a celebration of Fremont’s diverse culinary offerings and local small businesses. From March 17-26, enjoy 10 days of exclusive menu offerings from 40+ restaurants all over the city. Here’s a preview of the special offers you can enjoy in the coming week:
Pictured above from left to right: Prix Fixe Seafood Dinner (Market Broiler); Chaplee Burger and Afghan Potatoes (De Afghanan Kabob House); Mutton Momos (Momo & Kebab); Tonkotsu Shoyu Ramen (SOJO Ramen); Restaurant Week exclusive brew, Top of the World Brut Blonde Ale (Das Brew)
Visit the official webpage for the full list of participating restaurants and specials. Be sure to submit a photo of your receipt dated March 17-26 and upload a photo of your meal to Facebook or Instagram using the hashtag #FremontRW2023 for a chance to win a daily giveaway or grand prize! Fremont Restaurant Week is brought to you in partnership with the Fremont Chamber of Commerce, Yelp Bay Area, and Papé.
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