The NAACP and Wells Fargo hope to significantly improve financial literacy and reduce discriminatory mortgage lending in the nation’s disadvantaged communities, joining together to launch the Financial Freedom Center Satellite Program.

The new initiative expands financial education, financial services and banking resources in several cities across the country.

“This is an important step toward educating underserved communities about money management, financial services and home ownership,” NAACP President and CEO Benjamin Todd Jealous said in a statement. “The NAACP is proud to stand with Wells Fargo and our partner organizations as we take on these important issues.”

The NAACP’s Maryland State Conference is among the 21 NAACP chapters across the country that will receive $4,000 grants to offer workshops in money management, home preservation and mortgage foreclosure prevention services, among many other topics.

“The Financial Freedom Satellite program provides people from around the country easier access to the tools and information they need to create a strong financial future for themselves,” Dedrick Muhammad, Senior Director for Economic Programs for the NAACP, said in a statement.

The NAACP and Wells Fargo’s original Financial Freedom Center launched last April in Washington D.C., and will serve as the headquarters of the satellite program.

After partnering with the NAACP in 2010, Wells Fargo became the first bank to endorse the organization’s Responsible Mortgage Lending Principles, according to the NAACP’s website. The agreement also includes a process for sharing data, evaluating Wells Fargo’s lending and servicing practices and a collective accountability for progress.

For more information on the Financial Freedom Center Program, visit: