The NAACP announced Friday that, with partners that include Wells Fargo, the National Foundation on Credit Counseling, and the Financial Planning Association (FPA), it is launching the Financial Freedom Center Satellite program. The program expands financial education, financial services, and banking resources to historically disadvantaged communities.
The NAACP, said the national Financial Freedom Center was launched on April 4 in Washington, D.C., in partnership with Wells Fargo, It was designed to influence change in the banking industry, prevent unfair mortgage lending practices, protect the community against predatory mortgage lending practices, improve fair credit access, and promote sustainable homeownership, financial education and wealth building strategies in historically disadvantaged communities.
The satellite program will provide grants of $4,000 each to 21 NAACP units across the country; the money will be used to provide workshops on a variety of financial subjects, including money management, credit, home preservation, mortgage foreclosure prevention services and mortgage lending services. The workshops will be offered through community groups in each unit's local area.
The NAACP local units and state conference to receive funding are: Alaska, Oregon and Washington State Area Conference; Huntsville, Ala.; Gilbert, Ariz.; Riverside, Calif.; Colorado Springs, Colo.; Wilmington, Del.; Rockledge, Fla.; Illinois State Conference; Fort Wayne, Ind.; Louisville Youth Council; Jackson Parish Branch (Jonesboro, La.); Maryland State Conference; Biloxi, Miss.; Scotland County NAACP Youth Council (Laurinburg, N.C.); Montclair, N.J.; Rio Rancho, N.M.; Roosevelt, N.Y.; Columbus, Ohio; Brownsville, Tenn.; Texas State Conference and Washington, D.C.
NAACP President and CEO Benjamin Todd Jealous said in a statement, “This is an important step toward educating underserved communities about money management, financial services, and home ownership.”
Other partners of the program include the National Council on Aging; Bank of America; NeighborWorks America; Center for Responsible Lending; Operation Hope; Annie E. Casey Foundation; Capital Area Asset Builders; Common Security Club; Federal Trade Commission; National Community Reinvestment Coalition; U.S. Labor Department; United for a Fair Economy; Center for American Progress; Lawyers Committee for Civil Rights; National Urban League; and National Council of La Raza.