Wells Fargo doubles support for credit counseling nonprofits
Wells Fargo & Co. (WFC) is committing an additional $5.4 million in funds to support credit counseling nonprofits. The new funding brings the bank's yearly commitment to $12.4 million. That's up 35% from last year when the bank spent $9.2 million supporting nonprofits that provide homeowners, individuals and families with credit counseling support. “We share the desire of many nonprofit agencies to help as many Americans as possible achieve and sustain the dream of homeownership,” said Jon Campbell, executive vice president and head of Wells Fargo’s Social Responsibility Group. “Yet public funding for credit counseling is becoming more scarce, while considerable demand remains. Wells Fargo is expanding its financial support for credit counseling services so that help will continue to be available for individuals and families in need of assistance, especially given the unprecedented demand brought on by challenging economic conditions.” Janet Murguía, president and CEO of the National Council of La Raza, said the need is there due to challenging economic times. "We applaud Wells Fargo for demonstrating their commitment to the tens of thousands of families that rely on housing counselors to help them navigate a complex housing market." Write to: Kerri Panchuk.