Business
Wells Fargo Launches Banking Inclusion Initiative to Help Unbanked
African Americans, Latinos, Native Americans Get Access yo Low-Cost Banking
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.
Activism
Oakland Post: Week of November 5 – 11, 2025
The printed Weekly Edition of the Oakland Post: Week of November 5 – 11, 2025
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Activism
Oakland Post: Week of October 29 – November 4, 2025
The printed Weekly Edition of the Oakland Post: Week of October 29 – November 4, 2025
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Activism
Past, Present, Possible! Oakland Residents Invited to Reimagine the 980 Freeway
Organizers ask attendees coming to 1233 Preservation Park Way to think of the event as a “time portal”—a walkable journey through the Past (harm and flourishing), Present (community conditions and resilience), and Future (collective visioning).
By Randolph Belle
Special to The Post
Join EVOAK!, a nonprofit addressing the historical harm to West Oakland since construction of the 980 freeway began in 1968, will hold a block party on Oct. 25 at Preservation Park for a day of imagination and community-building from 10 a.m. to 4 p.m.
Organizers ask attendees coming to 1233 Preservation Park Way to think of the event as a “time portal”—a walkable journey through the Past (harm and flourishing), Present (community conditions and resilience), and Future (collective visioning).
Activities include:
- Interactive Visioning: Site mapping, 3-D/digital modeling, and design activities to reimagine housing, parks, culture, enterprise, and mobility.
- Story & Memory: Oral history circles capturing life before the freeway, the rupture it caused, and visions for repair.
- Data & Policy: Exhibits on health, environment, wealth impacts, and policy discussions.
- Culture & Reflection: Films, installations, and performances honoring Oakland’s creativity and civic power.
The site of the party – Preservation Park – itself tells part of the story of the impact on the community. Its stately Victorians were uprooted and relocated to the site decades ago to make way for the I-980 freeway, which displaced hundreds of Black families and severed the heart of West Oakland. Now, in that same space, attendees will gather to reckon with past harms, honor the resilience that carried the community forward, and co-create an equitable and inclusive future.
A Legacy of Resistance
In 1979, Paul Cobb, publisher of the Post News Group and then a 36-year-old civil-rights organizer, defiantly planted himself in front of a bulldozer on Brush Street to prevent another historic Victorian home from being flattened for the long-delayed I-980 Freeway. Refusing to move, Cobb was arrested and hauled off in handcuffs—a moment that landed him on the front page of the Oakland Tribune.
Cobb and his family had a long history of fighting for their community, particularly around infrastructure projects in West Oakland. In 1954, his family was part of an NAACP lawsuit challenging the U.S. Post Office’s decision to place its main facility in the neighborhood, which wiped out an entire community of Black residents.
In 1964, they opposed the BART line down Seventh Street—the “Harlem of the West.” Later, Cobb was deeply involved in successfully rerouting the Cypress Freeway out of the neighborhood after the Loma Prieta earthquake.
The 980 Freeway, a 1.6-mile stretch, created an ominous barrier severing West Oakland from Downtown. Opposition stemmed from its very existence and the national practice of plowing freeways through Black communities with little input from residents and no regard for health, economic, or social impacts. By the time Cobb stood before the bulldozer, construction was inevitable, and his fight shifted toward jobs and economic opportunity.
Fast-forward 45 years: Cobb recalled the story at a convening of “Super OGs” organized to gather input from legacy residents on reimagining the corridor. He quickly retrieved his framed Tribune front page, adding a new dimension to the conversation about the dedication required to make change. Themes of harm repair and restoration surfaced again and again, grounded in memories of a thriving, cohesive Black neighborhood before the freeway.
The Lasting Scar
The 980 Freeway was touted as a road to prosperity—funneling economic opportunity into the City Center, igniting downtown commerce, and creating jobs. Instead, it cut a gash through the city, erasing 503 homes, four churches, 22 businesses, and hundreds of dreams. A promised second approach to the Bay Bridge never materialized.
Planning began in the late 1940s, bulldozers arrived in 1968, and after years of delays and opposition, the freeway opened in 1985. By then, Oakland’s economic engines had shifted, leaving behind a 600-foot-wide wound that resulted in fewer jobs, poorer health outcomes, and a divided neighborhood. The harm of displacement and loss of generational wealth was compounded through redlining, disinvestment, drugs, and the police state. Many residents fled to outlying cities, while those who stayed carried forward the spirit of perseverance.
The Big Picture
At stake now is up to 67 acres of new, buildable land in Downtown West Oakland. This time, we must not repeat the institutional wrongs of the past. Instead, we must be as deliberate in building a collective, equitable vision as planners once were in destroying communities.
EVOAK!’s strategy is rooted in four pillars: health, housing, economic development, and cultural preservation. These were the very foundations stripped away, and they are what they aim to reclaim. West Oakland continues to suffer among the worst social determinants of health in the region, much of it linked to the three freeways cutting through the neighborhood.
The harms of urban planning also decimated cultural life, reinforced oppressive public safety policies, underfunded education, and fueled poverty and blight.
Healing the Wound
West Oakland was once the center of Black culture during the Great Migration—the birthplace of the Black Panther Party and home to the “School of Champions,” the mighty Warriors of McClymonds High. Drawing on that legacy, we must channel the community’s proud past into a bold, community-led future that restores connection, sparks innovation, and uplifts every resident.
Two years ago, Caltrans won a federal Reconnecting Communities grant to fund Vision 980, a community-driven study co-led by local partners. Phase 1 launched in Spring 2024 with surveys and outreach; Phase 2, a feasibility study, begins in 2026. Over 4,000 surveys have already been completed. This once-in-a-lifetime opportunity could transform the corridor into a blank slate—making way for accessible housing, open space, cultural facilities, and economic opportunity for West Oakland and the entire region.
Leading with Community
In parallel, EVOAK! is advancing a community-led process to complement Caltrans’ work. EVOAK! is developing a framework for community power-building, quantifying harm, exploring policy and legislative repair strategies, structuring community governance, and hosting arts activations to spark collective imagination. The goal: a spirit of co-creation and true collaboration.
What EVOAK! Learned So Far
Through surveys, interviews, and gatherings, residents have voiced their priorities: a healthy environment, stable housing, and opportunities to thrive. Elders with decades in the neighborhood shared stories of resilience, community bonds, and visions of what repair should look like.
They heard from folks like Ezra Payton, whose family home was destroyed at Eighth and Brush streets; Ernestine Nettles, still a pillar of civic life and activism; Tom Bowden, a blues man who performed on Seventh Street as a child 70 years ago; Queen Thurston, whose family moved to West Oakland in 1942; Leo Bazille who served on the Oakland City Council from 1983 to 1993; Herman Brown, still organizing in the community today; Greg Bridges, whose family’s home was picked up and moved in the construction process; Martha Carpenter Peterson, who has a vivid memory of better times in West Oakland; Sharon Graves, who experienced both the challenges and the triumphs of the neighborhood; Lionel Wilson, Jr., whose family were anchors of pre-freeway North Oakland; Dorothy Lazard, a resident of 13th Street in the ’60s and font of historical knowledge; Bishop Henry Williams, whose simple request is to “tell the truth,” James Moree, affectionately known as “Jimmy”; the Flippin twins, still anchored in the community; and Maxine Ussery, whose father was a business and land owner before redlining.
EVOAK! will continue to capture these stories and invites the public to share theirs as well.
Beyond the Block Party
The 980 Block Party is just the beginning. Beyond this one-day event, EVOAK! Is building a long-term process to ensure West Oakland’s future is shaped by those who lived its past. To succeed, EVOAK! Is seeking partners across the community—residents, neighborhood associations, faith groups, and organizations—to help connect with legacy residents and host conversations.
980 Block Party Event Details
Saturday, Oct. 25
10 a.m. – 4 p.m.
Preservation Park, 1233 Preservation Park Way, Oakland, CA 94612
980BlockParty.org
info@evoak.org
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