At a moment of inequality and division, who is advancing the vanguard of economic and social progress to bolster under-served communities? Whose work is fostering the inclusive growth that ensures every individual thrives? Who will set the ambitious standards that mobilize whole industries, challenging their peers to reach new altitudes of social impact?
In 2024, Impact Next — a new editorial flagship series from NationSwell — will spotlight the standard-bearing corporate social responsibility and impact leaders, entrepreneurs, experts, and philanthropists whose catalytic work has the potential to shape the landscape of progress amid urgent need for social and economic action.
For this installment, NationSwell interviewed Darlene Goins, President of the Wells Fargo Foundation.
Greg Behrman, CEO and founder, NationSwell: What brought you to this field? Was there a moment in your life that galvanized your commitment to driving bold action in the impact space?
Darlene Goins, President, Wells Fargo Foundation: I grew up the daughter of a minister and seeing the service to others and community that my father provided instilled in me a need to provide service to others. As I entered my adult life and career, I became fascinated by the idea of decision analysis — making decisions through data. When I was in graduate school, and then later when I was at FICO, I realized there was a ton of consumer confusion around credit scores. I knew I wanted to help demystify credit scores for people and provide financial education with it — to help people improve their scores and chart the path forward — so I created a program that allowed financial institutions to share FICO scores for free. Seeing the impact that program had unlocked passion in me to do more, beyond the credit space. I came to Wells Fargo excited to scale relationships that can be used to further financial capability, and to create lasting community impact on the lives of underserved, underestimated families and businesses.
Behrman, NationSwell: As a leader in the space, how are you sense-making when it comes to this moment, and how are you thinking about the unique opportunities and challenges inherent to it?
Goins, Wells Fargo Foundation: It’s clear that we’ve made meaningful progress, but we still have a long way to go. We are seeing that some of society’s toughest problems are still widely prevalent — the housing crisis, an unmanageable cost of living, the difficulties so many people face in getting ahead. But at the same time, I’m encouraged by the collective effort I’m seeing from so many organizations to drive change and move us in the right direction. That’s one of the reasons I feel so blessed to be in this role, to have the ability to leverage philanthropy as a catalyst and test new and innovative ideas at scale.
Behrman, NationSwell: Are there any trends we’re seeing in the current moment that make you feel particularly optimistic?
Goins, Wells Fargo Foundation: From a philanthropy perspective, one of the changes I’ve seen over the course of the last nine years has been the general attitude shift I’ve seen around really integrating a community’s lived experience and wisdom into investment decisions. Historically speaking, the traditionally held attitude of philanthropy was that you could come into communities and you automatically knew what would work best. These days, I’m seeking more of an orientation toward community co-design — leveraging the experience of the people you’re trying to help. This trend around community-led design gives me real optimism for the future.
Behrman, NationSwell: What are two or three facets of the work you are leading that you think are particularly special or differentiated in the field — what feels important to lift up?
Goins, Wells Fargo Foundation: One of the things I really like to think about is how we can leverage the full breadth of our resources. As a financial institution, Wells Fargo Foundation has four primary funding priorities: affordable housing, sustainability, small business growth, and financial health. Bringing the full resources of the bank to bear is critical to the work of strengthening marginalized communities, and that intentional approach allows us to go deeper on societal issues.
One example of this multi-pronged approach can be found in Minneapolis, where we invested in the development of a mixed-use, multi-income housing development in the commercial corridor that was destroyed in wake of George Floyd’s murder. After a period of intentional and highly engaged community outreach, the finished development will feature 100 new affordable housing units, a Wells Fargo branch, and a community meeting space — the combination of commercial and corporate properties that can create a lasting impact.
I’m also very proud of the work we’re doing in the small business growth space, particularly with the Open for Business Fund. When the pandemic hit, our CEO decided to take the gross processing fees the government issued for administering the PPP loans — equivalent to around $420 million — and put that back into a fund to deliver urgent capital and expertise to racially and ethnically diverse small business owners. Fast forward four years, and we’ve been able to serve 336,000 small businesses, which has helped to generate or preserve more than 461,000 jobs.
Behrman, NationSwell: What are some of the resources that have really inspired you as a leader?
Goins, Wells Fargo Foundation: One resource that’s really helped shape my thinking on how to position the work is an article that McKinsey published on the business case for financial inclusion, which looked at Black and white Americans and access to financial products and the racial wealth gap. It concluded that if Black Americans had the same access to financial services that white Americans have, companies could realize up to $60 billion in additional revenue each year. That is something I’ve really come back to over and over again, and it has helped me with positioning this work on numerous occasions.
As a leader, I also love the book More than Ready by Cecilia Muñoz. I have dealt with imposter syndrome in the past, and her book helped me to recognize that I am ready for the seat that I occupy. It’s also been helpful in providing strategies for dealing with microaggressions and unconscious bias, and just generally reminding me that I’m not alone in this work.
There’s a quote I come back to often: “Never accept criticism from someone from whom you wouldn’t seek advice.” I think that pretty much speaks for itself.