Jon Campbell, a vice president at Wells Fargo, says his company will now feed the NAACP bundles of private data on its lending practices in minority communities.
"It's really important to Wells Fargo that we regain our trust, and certainly this is one of those steps in rebuilding trust," Campbell says.
Currently banks feed regulators information that often doesn't become public for years. The president of the NAACP, Ben Jealous, says under the agreement with Wells Fargo the organization will get broad lending data that can help identify racial discrimination.
"This allows us to see it with the same timeliness that the regulators see it," Jealous says. "To see it bank by bank, so we can engage in constructive conversation. Lawsuits are not an effective way to solve problems quickly, and where there is a possible problem it needs to be addressed right away."
The new financial literacy center in Northwest D.C. will be used to educate the community on the importance of saving money and also how to avoid pitfalls, such as foreclosure and dependence on pay-day lenders.
CORRECTION: The original version of this story mistakenly linked two separate lawsuits. Wells Fargo was sued in 2009 by borrowers who claimed they were victims of reverse redlining. Wells Fargo was found guilty in March. The NAACP filed another lawsuit, which it later dropped.