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Wells Fargo Launches Banking Inclusion Initiative to Help Unbanked

African Americans, Latinos, Native Americans Get Access yo Low-Cost Banking

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  On Monday, Wells Fargo announced the Banking Inclusion Initiative, a 10-year commitment to help unbanked individuals gain access to affordable, mainstream, digitally-enabled transactional accounts – a meaningful entry point to fully participating in the economy and achieving financial stability.

    The initiative will focus on reaching unbanked communities and, in particular, helping remove barriers to financial inclusion for Black and African American, Hispanic, and Native American/Alaska Native families, which account for more than half of America’s 7 million unbanked households1. It also will assist those who are underbanked or underserved – individuals who may have a bank account yet continue to use high cost, non-bank services and have similar needs.

   Wells Fargo will bring together multiple national and community stakeholders to roll out the broad-based initiative that is designed to increase access to affordable products, digital banking and financial guidance within unbanked communities. Through this initiative, Wells Fargo also will collaborate with partners to explore solutions to the credit challenges facing unbanked individuals.

    This year, the bank will work with partners to set and begin measuring a 10-year goal for reducing the number of people who are unbanked, with milestones along the way.

    According to 2019 FDIC data1, 12.2 percent of Hispanic households, 13.8% of Black households, and 16.3% of American Indian/Alaska Native households in the U.S. don’t have access to a mainstream checking account – compared with 2.5% of white and 1.7% of Asian households.

    The FDIC also reports that while these figures have been trending downward, the number of unbanked households will likely increase in the aftermath of the ongoing COVID-19 pandemic.

    “We recognize the high number of unbanked households is a complex and long-standing issue that will require gathering the best minds, ideas, products and educational resources from across our communities to bring about change,” said CEO Charlie Scharf. “Through our Initiative, we will organize 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 in the U.S.”

    The commitment will be organized around three areas:

1. Access to Affordable Products and Digital Solutions

       Wells Fargo will deepen its existing relationships with Black-owned Minority Depository Institutions (MDIs) to support their work in the communities they serve, including outreach efforts and providing the option for their customers to withdraw cash from Wells Fargo’s ATMs and incur no Wells Fargo fees. In addition, Wells Fargo is offering access to a dedicated relationship team that will work with each MDI on financial, technological and product development strategies to help strengthen and grow their institutions.

·       In recognition that unbanked and underbanked individuals need access to short-term credit, Wells Fargo will increase funding and support to expand the Credit Builders Alliance (CBA) low-cost, credit-building consumer loan program. The organization’s CBA Fund will provide patient loan capital, capacity-building grants and technical assistance to their nonprofit lender members, enabling low-cost consumer loans for low- to moderate-income (LMI) individuals to meet short term cash needs and establish or improve their credit scores.

       Wells Fargo will increase awareness and outreach about low-cost, no–overdraft fee accounts, such as Wells Fargo’s Bank On-certified Clear Access Banking.

·       Wells Fargo will broaden its collaboration with CFE Fund and local Bank On coalitions to pilot new strategies and approaches that help overcome barriers to banking access in several markets with high concentrations of unbanked households. The program will focus on helping those who are unbanked navigate the financial system, develop an easier, more seamless path for them to open a Bank On-certified account and access services they need within mainstream banking. It will be used to identify best practices that can be applied on a national scale.

·       Wells Fargo will work closely with Fintechs that are deeply committed to helping underserved communities. For instance, Wells Fargo is among the investors in Greenwood, a digital platform for Black and Latino individuals and business owners. The bank also has started a collaboration to help the Fintech MoCaFi provide banking to unbanked individuals, starting with offering MoCaFi customers the ability to use their MoCaFi debit card at Wells Fargo ATMs without incurring fees from Wells Fargo.

2. Financial Education and Advice

·       

·       Wells Fargo is working with the Historically Black Colleges and Universities (HBCUs) Community Development Action Coalition to launch Our Money Matters, a comprehensive financial wellness initiative for college students of color, who disproportionally face greater financial challenges and college debt. The initiative aims to equip students with much needed financial capability skills and access to support services. Over the next 3 years, the program will expand to 25 HBCUs and Minority Serving Institutions.

3. Launching National Advisory Task Force

·       Recognizing the difficulty of addressing the unbanked issue in the U.S., Wells Fargo will establish and lead a broad coalition to help with this multi-year commitment. Wells Fargo is forming a National Unbanked Advisory Task Force that will work with the bank in developing solutions to bring more people into the banking system from underserved communities, while also providing feedback on the initiatives that will be implemented and helping determine the best ways to measure success. The task force will feature representatives from leading organizations, including LULAC (League of United Latin American Citizens), NAACP (National Association for the Advancement of Colored People), National Bankers Association, NCAI (National Congress of American Indians), UnidosUS, National Urban League, and Mississippi-based Hope Enterprise Corporation.

“With branches in more communities than any other financial institution, we believe we have a responsibility to do even more to help address this issue and the pandemic has increased the urgency,” said Mary Mack, CEO of Consumer and Small Business Banking at Wells Fargo. “It is why we’re launching this comprehensive initiative. It is our hope, working closely with our partners, we will be able to make a difference over time in addressing such a critical problem for our society.”

    Edith Rocío Robles is an assistant vice president for Corporate Communications.

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From Historic Memories to New Possibilities: Oakland Celebrates Coliseum 60

More than 75 people gathered at Youth UpRising in East Oakland on Friday, September 18, for Coliseum 60, an event marking six decades of sports, entertainment, employment, and community memories at the Oakland-Alameda County Coliseum Complex. Held 60 years to the day after the Coliseum first opened, the celebration featured cultural performances and a mini-documentary highlighting its history. Speakers reflected on the venue’s significant role in the community and its future possibilities. Read more to learn about the individuals and stories honored during this special event.

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Quixote Atkins of VillageGIVE moderates a panel discussion at the Coliseum 60 celebration at Youth UpRising featuring Keith Brown, a member of IATSE Local 107; author, historian and former Black Panther Party member Tareka Lewis; and African American Sports and Entertainment Group President Ray Bobbitt.

More than 75 people gathered at Youth UpRising in East Oakland on Friday, Sept. 18, for Coliseum 60, a celebration honoring six decades of sports, entertainment, employment and community memories connected to the Oakland-Alameda County Coliseum Complex.

Held 60 years to the day after the Coliseum opened, the event carried the theme, “One Community. One Legacy. One Future. Forward Together.”

The celebration opened with the national anthem performed by sisters Anese Jade, Amina Benjamin and Zaza Benjamin. Diamano Coura West African Dance Company contributed African dance and drumming, bringing movement, rhythm and cultural expression to the program.

A mini documentary highlighted the Coliseum’s sports history and its broader role as an entertainment destination. Archival material recalled performances by Prince and Tina Turner, along with memorable games featuring the Warriors, Oakland A’s and Raiders.

“The Coliseum 60 is about much more than celebrating a building or looking back at 60 years of history,” said event organizer Quixote Atkins of VillageGIVE.

“It’s about the people who made that history possible: the families, workers, athletes, artists, community leaders, fans and generations who gathered there and created memories together.”

A panel exploring that history featured author, historian and former Black Panther Party member Tareka Lewis; stagehand and union representative Keith Brown; and Ray Bobbitt, president of the African American Sports and Entertainment Group AASEG. Lewis described her family as fourth-generation Bay Area pioneers.

“My family and Black families who arrived even earlier helped build the Bay Area, grew businesses and established culture here,” Lewis said. “This should be taught in the public schools.”

Lewis recalled Oakland’s influence on sports, music and literature, from the Raiders’ beginnings at Laney College to stars such as The Pointer Sisters and Rickey Henderson who attended Oakland public schools. She also advocated for school museums, historical timelines, entrepreneurship training and investments benefiting corridors such as Bancroft Avenue and High Street.

Keith Brown, a member of Local 107 of the International Alliance of Theater and Stage Employees (IATSE) who began working at the Coliseum in 2011, remembered the Ringling Bros. and Barnum & Bailey Circus, the Ice Capades, baseball bat giveaways and Nelson Mandela’s 1990 appearance.

“The special events are amazing, but it’s the workers that make the memories real for everyone,” Brown said. “They make the magic happen at the Coliseum.”

The program recognized longtime workers, including beer-stand manager Robert Preston, who served for 40 years, and Kenyatta Gentry, who worked as a vendor for 24 years and used her earnings to purchase her first apartment. Union workers Jose Gonzales and Carmen Sandoval were also honored. Speakers emphasized that Coliseum employment provided generations of residents with union wages and benefits.

Dr. Denise Saddler, the superintendent of the Oakland Unified School District (OUSD) was also honored. Saddler shared her family’s history of working at the Coliseum. 

District 7 Oakland City Councilmember Ken Houston discussed the complex ownership arrangements involving the city, county and private interests.

“This was the most complex deal of its kind in the country,” Houston said.

Prior to moving from the East Coast, Alameda County Supervisor and Coliseum Joint Powers Authority Chair Nate Miley recalled learning about Oakland through its three professional sports teams. As an elected official and public servant, Miley fought hard to keep the Golden State Warriors, Oakland As, and the Raiders, but he is hopeful for the future.

“The story is not over for the Coliseum,” Miley said. “We’re entering a new chapter.”

Bobbitt said the departure of three teams had once seemed unimaginable, but he maintained that Oakland’s future remains bright.

“Oakland is a cultural superpower worldwide,” Bobbitt said. “We’re going to write the future where we participate and drive the redevelopment.”

Bobbitt highlighted AASEG’s four-year partnership with Castlemont High School’s architecture program, which engages students in reimagining and creating redevelopment concepts for the Coliseum property. “The youth will always move us forward. They are the future.”

In closing, Atkins said, “September 18 is the celebration, but what we build together afterward is the legacy.”

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County Office of Education Says OUSD Finances Are Getting Healthier, Materially Stronger

The Oakland Unified School District’s recent budget submission has been deemed “materially stronger” by the Alameda County Office of Education, reflecting deliberate work by the new board and superintendent. Despite needing further cuts in the coming years, the district is progressing toward financial health, according to ACOE Superintendent Alysse Castro. This assessment counters critics who suggest a dire financial outlook for Oakland schools, acknowledging the district has made significant reductions and adopted a plan to address structural challenges. The ACOE commended the district’s efforts to get its financial house in order. Read more to learn about the details of these financial improvements.

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ACOE Supt. Alysse Castro; OUSD Supt. Dr. Denise Saddler. File photos.

County’s letter counters critics who offer Doomsday scenarios for Oakland schools

The Oakland Unified School District, under the leadership of a new board majority and new superintendent, recently submitted a budget to the county “that is a materially stronger submission than the district has filed in recent years, (which) reflects difficult and deliberate work,” according to a letter to the district from Supt. Alysse Castro of the Alameda County Office of Education.

While OUSD still must make more budget cuts in the next two years, the district is on the road to financial health, according to a Sept. 15 letter from Castro to the district.

Under the California Education Code, Alameda County and other county offices of education (COEs) have the legal responsibility to review, approve, conditionally approve, or disapprove local school district annual budgets and interim financial reports.

“The Alameda County Office of Education wants to acknowledge that the district has submitted a budget that shows a positive fund balance, meets the state minimum reserve for economic uncertainty in each year of the multiyear project and is accompanied by a board-adopted commitment to close the remaining structural challenges,” the letter said.

“After two decades of state receivership and significant changes in OUSD’s budgeting practices,” it is understandable that there may be “considerable confusion” in the public about the district’s current financial condition, according to the letter.

However, the district’s current fiscal position and practices are “materially” better than prior years, though they “do not yet eliminate underlying structural challenges,” the letter continued.

Castro also commended the board and staff for working to get their financial house in order.

“There are three essential parts to addressing a structural deficit: staff must identify and bring

forward hard choices; the governing board must make those choices; and staff must follow

through and implement them,” she wrote.

“All three appear to be happening in OUSD, and that represents meaningful progress,” she wrote. “The district has made significant reductions to ongoing expenditures, increased its use of available restricted resources, and adopted a plan to address the remaining gap.”

According to the County, the district already has approved budget cuts of about $30 million in the current year. Additional reductions of about $30 million will be necessary next year, and another $11 million the following year.

These cuts are necessary, the county says, because “the district is still operating at a structural

deficit, meaning spending more every year than it brings in.” 

In a statement released earlier this month, the district announced it had “finished the year with $170.1 million in its General Fund and an unrestricted reserve of $32.3 million, finishing $16.4 million ahead of what the district projected in March.”

The budget reflects progress toward putting the district in a stronger financial position to better serve students and families, said district leaders, while also acknowledging the need for significant reductions across the board.

“This turnaround happened because our board was willing to make difficult decisions rather than pass them along, and because our staff did the work,” said Supt. Dr. Denise Saddler. “None of this came easily, and there is more ahead of us. What these closed books show is that the direction is right.”

In October 2025, the board directed staff to prepare budget scenarios totaling $100 million in adjustments. In December, presented with a choice between borrowing to bridge the gap and making the reductions directly, the board chose the latter, the district statement said. As part of the reduction plan, the board approved cuts to more than 400 certificated and classified positions, along with a retirement incentive that converted some layoffs into voluntary departures.

“Closing our books is not the same as finishing the work, and we are not stopping here,” said Tara Gard,deputy superintendent of Business and Operations. “We will continue with the actions in our Financial Stabilization Plan because of where they lead.”

In a statement released on social media, Oakland Education Association (OEA) President

Kampala Taiz-Rancifer strongly criticized those who allege the district is collapsing and supported members of the school board majority who are working hard to stabilize the district’s finances while minimizing disruption for schools and employees.

Jennifer Brouhard (D2) and Valarie Bachelor (D6), who are running for reelection, “are moving the district toward a ‘materially stronger’ financial position than we’ve seen in recent years—all while investing in school sites and the employees who serve Oakland students,” she wrote.

“For years, we’ve heard billionaire-backed board members say they had to make ‘tough choices’ to balance the budget,” she continued. “Those choices almost always caused disruption and instability for our schools and communities. This is a different approach: financial stability alongside investments in students, schools, and workers. All in the effort to improve student outcomes.”

“The real hard work is tuning out the rage bait, the chaos agents, the attacks on unions and workers, and ignoring the loud corporate profiteers—and staying focused on what matters: improving outcomes for students while creating stable teaching and learning conditions,” said Taiz-Rancifer.

“Let’s not go backward into the days of manufactured panic.”

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Oakland Post: Week of September 23 – 29, 2026

The printed Weekly Edition of the Oakland Post: Week of September 23 – 29, 2026

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