Thornton brings a wealth of experience to this position. She’s spent 15 years developing key initiatives with diverse consumer sects, including her work with the NAACP, teaching at a Historically Black College and University (HBCU), developing and implementing literacy programs and working with black business owners. Recently, Thornton spoke with rolling out to gauge what specific products and programs are in place to make Wells Fargo’s goals come to fruition. — terry shropshire
Rolling Out: What was the purpose of the black media tour here in Houston?
Michelle Thornton: The media that we had here in Houston was invited to see what we’re doing to service the African American community. We wanted to [highlight the] importance of African Americans achieving financial success … It’s really overall around helping African Americans build financial success.
RO: What are some of the things that the African American demographic can do to help you in your important campaign?
Thornton: Take advantage of the information that’s available. Families can go online – teaching their own children as well themselves how to manage money, how to manage their credit, [and] how to plan for long-term financial success. [Make] sure the information is getting out and that we’re taking advantage of the information.
RO: You also spoke about the small business initiative that Wells Fargo has in place. What can black business owners do to maximize their success?
Thornton: Understand your financials. Prepare yourself for credit — you have to have financial normalcy. Deposit your money into your banking account; it’s another way to establish credit for your business. Have a business plan; [it’s] your roadmap to financial success. Taking advantage of community education.
RO: The country is still reeling in a recession, in part, from the massive mortgage meltdown. What is Wells Fargo doing to help stem that tide?
Thornton: Wells Fargo is leading the way with the home initiative. This initiative is helping homeowners who currently have a home who may be in crisis as well as those who are looking to buy a home. We do home-buying seminars in the communities, partnering with organizations, providing seminars and assistance. It’s really about taking advantage of the seminars that are available, so that you get more informed and you can make better decisions. If you are a person who is in a crisis, then it’s about reaching out to your lenders and not waiting until the sheriff is knocking on your door, but reaching out to your lender if you think you are going to be in trouble, saying, ‘How can I modify my loan? How can I avoid foreclosure?’ Wells Fargo is committed to helping homeowners attain and maintain homeownership. We are not in the foreclosure business. We’re in the business of lending, so our goal is to continue to put people in homes.
