Nations, Inc. · Episode 8 of 10 · 11 min
Capital and Trust: Native Banks, CDFIs, and an $826M Win Over Wells Fargo
Nearly half of Indian Country is a banking desert, and roughly 69 Native community development financial institutions plus Native American Bank try to fill the gap. The Seminole Tribe won an $826 million jury verdict against Wells Fargo over its children's trust, now under appeal, while a 2025 order gutted the federal CDFI Fund.
Who's who
- Pete UptonCEO of the Native CDFI Network
- Mark Warner+1 more episodeU.S. senator who led a bipartisan demand to release withheld CDFI funds
- Mike Crapo+1 more episodeU.S. senator who led a bipartisan demand to release withheld CDFI funds
Where it happens
- Broward County, FloridaWhere the jury awarded the Seminole Tribe $826 million
- Denver, ColoradoHeadquarters of Native American Bank
- South DakotaHome of the agricultural lender Akiptan
- Wisconsin+3 more episodesHome of First American Capital Corporation
Timeline
- 2005Seminole Minors Per Capita Payment Trust established; alleged mismanagement runs to 2015
- 2024Federal Reserve study finds 46% of Indian Country is a banking desert
- March 14, 2025Executive order directs elimination of non-statutory CDFI Fund components
- March 27, 2025Jury awards the Seminole Tribe $826 million against Wells Fargo
- December 13, 2025Reduction-in-force notices take effect for all 102 CDFI Fund staff
Still debated
The Seminole verdict is reported as $826 million or about $832 million with interest, and it is under appeal, so nothing is final. The status of the CDFI Fund crisis is fast-moving and politically contested.
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