Press Releases
September 20th, 2013
On Friday, September 20, the Consumer Finance Protection Bureau (CFPB) concluded its meetings in Mississippi by announcing a new partnership with the City of Jackson. Consumers may now call the city’s “311 Line” with complaints regarding financial products and services. Consumers that dial the number with complaints will be connected directly with the CFPB where questions may be answered or formal complaints may be lodged.
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September 16th, 2013
Consumer Advisory Board Holds September 18 Public Meeting in Itta Bena Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and the CFPB Consumer Advisory Board will hold a public meeting in the Mississippi Delta on September 18 to discuss innovative strategies for improving consumer access to credit, information, and financial resources. The CFPB officials will also seek to gain insight into the financial challenges facing area residents, and what measures might be needed to safeguard against abusive and deceptive practices. Following the financial Crisis, Congress established the CFBP to protect consumers by carrying out federal consumer financial laws. A recent report by the Center for Responsible Lending found that excessive payday loan fees cost American families at least $2.6 billion every year. According to the Mississippi Economic Policy Center, the rates Mississippians pay for small dollar loans are among the highest in the Southeast. Also, the percentage of unbanked and underbanked residents in the state is among the highest in the county. The CFPB’s Consumer Advisory Board is comprised of experts that provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends. The Board, along with Director Richard Cordray and senior CFPB staff, will listen to community leaders, industry representatives, and members of the public. Bill Bynum, CEO of the Mississippi-based Hope Credit Union serves as Vice Chairman of the Consumer Advisory Board. “It is significant that Director Cordray chose to hold this meeting in Mississippi. The financial environment in the Mid South is unique, particularly with regard to the challenges that confront our rural, elderly, low-income and minority residents,” said Bynum. The meeting will take place on Wednesday, September 18 from 11:00 a.m. until 1:00 p.m. CST at Mississippi Valley State University (Social Science Building Auditorium), 1400 Highway 82 West, Itta Bena, MS 38941. This meeting is open to the public and requires an RSVP. To RSVP, email your full name and your organizational affiliation (if any) to cfpb.events@cfpb.gov This email address is being protected from spambots. You need JavaScript enabled to view it. “>. Review the CRL report on payday lending abuses and predatory practices. Read the CFPB public event invitation. Share the CFPB public event flyer. See the full CFPB visit agenda.
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September 13th, 2013
Consumer Advisory Board Holds September 18 Public Meeting in Itta Bena Consumer Financial Protection Bureau (CFPB) Director Richard Cordray and the CFPB Consumer Advisory Board will hold a public meeting in the Mississippi Delta on September 18 to discuss innovative strategies for improving consumer access to credit, information, and financial resources. The CFPB officials will also seek to gain insight into the financial challenges facing area residents, and what measures might be needed to safeguard against abusive and deceptive practices. Following the financial Crisis, Congress established the CFBP to protect consumers by carrying out federal consumer financial laws. A recent report by the Center for Responsible Lending found that excessive payday loan fees cost American families at least $2.6 billion every year. According to the Mississippi Economic Policy Center, the rates Mississippians pay for small dollar loans are among the highest in the Southeast. Also, the percentage of unbanked and underbanked residents in the state is among the highest in the county. The CFPB’s Consumer Advisory Board is comprised of experts that provide advice to CFPB leadership on a broad range of consumer financial issues and emerging market trends. The Board, along with Director Richard Cordray and senior CFPB staff, will listen to community leaders, industry representatives, and members of the public. Bill Bynum, CEO of the Mississippi-based Hope Credit Union serves as Vice Chairman of the Consumer Advisory Board. “It is significant that Director Cordray chose to hold this meeting in Mississippi. The financial environment in the Mid South is unique, particularly with regard to the challenges that confront our rural, elderly, low-income and minority residents,” said Bynum. The meeting will take place on Wednesday, September 18 from 11:00 a.m. until 1:00 p.m. CST at Mississippi Valley State University (Social Science Building Auditorium), 1400 Highway 82 West, Itta Bena, MS 38941. This meeting is open to the public and requires an RSVP. To RSVP, email your full name and your organizational affiliation (if any) to cfpb.events@cfpb.gov. Review the CRL report on payday lending abuses and predatory practices. Read the CFPB public event invitation. Share the CFPB public event flyer. See the full CFPB visit agenda.
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August 30th, 2013
Mid South Organizations Make Strong Case for Adequate HUD Funding HOPE has joined other affordable housing organizations from Louisiana and Mississippi to urge federal elected officials to support adequate funding for the US Department of Housing and Urban development. The following open letter details the tremendous positive impact that HUD investments have in our states. Please consider contacting your Representatives and Senators in support of the level of appropriations set forth in S. 1243. Dear Members of the Louisiana and Mississippi Congressional Delegations: The undersigned organizations are local, state, and regional nonprofits, housing authorities, and housing and community developers dedicated to strengthening communities across the State of Mississippi. We work in a range of capacities to develop community infrastructure and help Mississippians find quality, affordable housing and build assets. We strongly urge you to support S. 1243, the bipartisan Transportation, Housing and Urban Development (THUD) appropriations bill, which will provide housing, capital investments, and critical services for millions of families – in addition to creating and supporting an estimated 620,000 jobs nationwide. This bill, rather than the House version, H.R.2610, provides the level of funding needed to significantly benefit Mississippi communities and households. Louisiana and Mississippi are in critical need of the investments supported by HUD funding. According to the National Low Income Housing Coalition, 75% of Louisiana’s and 76% of Mississippi’s lowest income households are severely cost burdened, meaning they spend more than half of their income on housing costs. Our state also faces a shortage of 45,912 affordable housing units that are available to extremely low-income renters. The Corporation for Enterprise Development’s 2013 Assets and Opportunity Scorecard found that Louisiana has the fourth highest rate and Mississippi has the second highest rate of high-cost mortgages in the country, a rate more than twice the national average. HUD’s programs directly address these challenges, while working to strengthen the middle class and build ladders to opportunity for families across our states. In the last year, HUD programs have injected $751 million into Louisiana communities and $327 million into Mississippi communities. This investment has provided critical services and supports for many of our state’s most vulnerable citizens. Families who receive direct assistance from HUD earn an average of $12,500, or an average of 19% of their area’s median income, and 65% are elderly or disabled. S. 1243 will fund important programs that are focused on supporting and growing homeownership as the single largest asset of many middle-income families. In the last year alone, HUD helped 1.5 million families get back above water on their mortgages and assisted 1.5 million through the Making Home Affordable Program. HUD’s Home Investment Partnership Program (HOME) program has been and continues to be critical for making homes affordable to first-time homebuyers. In addition to the direct investments in communities, HUD programs leverage significant private investments. For example, HUD’s CDBG program leverages at least three dollars in private funding for every dollar invested in communities by HUD. And HUD estimates that the $75 million it invested in […]
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August 29th, 2013
HOPE has joined other affordable housing organizations from Louisiana and Mississippi to urge federal elected officials to support adequate funding for the US Department of Housing and Urban development. The following open letter details the tremendous positive impact that HUD investments have in our states.
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July 30th, 2013
One of Four Leaders Across the Globe Recognized for Solutions to Difficult Challenges Aspen, CO – Bill Bynum, CEO of HOPE (Hope Enterprise Corporation/Hope Credit Union), has been named a finalist for the sixth annual John P. McNulty Prize. The Aspen Institute and Institute Trustee Anne Welsh McNulty announced Bynum as one of four finalists, all extraordinary leaders who bring the spirit of innovation and excellence that characterizes their success in the private sector to bear on some of the most intractable issues of our time.
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July 13th, 2013
A not-for-profit credit union, like HOPE, is all about providing great financial services to its members. That’s its sole purpose, distinguishing a credit union from other financial institutions. But you might lose ALL of the benefits you enjoy at HOPE unless Congress hears loud and clear from members like you that you want preserve the tax status of credit unions. Our credit union pays every tax other financial institutions pay except one: the corporate income tax. And that’s because all credit unions are not-for-profit cooperatives that are owned by their members, consumers like you. As not-for-profits, credit unions return what they earn to their members in the forms of lower rates on loans, higher returns on savings, and lower and/or fewer fees. In fact, for every $1 of their tax exemption, credit unions return well over $10 to consumers in better rates and lower fees. That’s a solid investment in our communities. A credit union can do that because its emphasis is on providing financial services to members at reasonable costs and returns – not by amassing profits from them. By making financial services more affordable, a credit union helps you reach your goals and improve your financial well-being. Now, some say credit unions should pay income taxes, even though it amounts to an additional tax on our 28,000 members and more than 96 million credit union members nationwide. The truth is, if credit unions were taxed – and remained not-for-profits – it’s unlikely their members could continue to receive lower rates on loans, higher savings return, and low fees. If the savings and service you enjoy at HOPE is important to you, please take a moment to ask Congress to preserve credit unions’ tax status as part of tax reforms occurring now. Without that, you could lose the many benefits you enjoy. There are many ways you can make your voice heard! Stop by a HOPE branch and put your name on a “Don’t Tax My Credit Union” card that we will mail on your behalf to elected officials Visit DontTaxMyCreditUnion.org, where you can: Watch the video, then Take action to email your Member of Congress Download the CUNA Advocacy app in the Apple App store or Google Play Store Call the toll-free number 877-642-4223 to tell Congress “Don’t Tax My Credit Union!” Be part of the Twitter campaign: Follow @CUNAadvocacy Using the hashtag #DontTaxMyCU Give a “Like” to CUNA Advocacy on Facebook Make and post Vine videos Tell your friends! Help us maintain our ability to keep providing the same great affordable products and services that we believe you deserve!
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July 12th, 2013
Jackson, MS – Hope Credit Union has received an Advocacy Award from the Mississippi Credit Union Association. The honor recognizes credit unions for extraordinary efforts to protect, strengthen and expand credit unions, creating additional opportunities to improve the lives of members that choose credit unions as their financial services partner. “HOPE is proud to receive this award as part of our work to preserve assets in local markets during the recession and as mainstream banks are closing their doors in poor and rural communities,” said HOPE CEO Bill Bynum. “Our efforts over the past several years have significantly increased the number of people and communities HOPE reaches, providing thousands with easy access to affordable, responsibly structured financial services.” Since 2008, as other institutions were closing their doors in underserved communities, Hope Credit Union (HOPE) has responded by extending a lifeline to Mid South residents. During this period, HOPE has expanded from three to 15 branches; increased its member-owners from 9,000 to 28,000, and closed more than 7,200 consumer, mortgage and small business loans totaling over $260 million. At the 2012 Clinton Global Initiative America conference, HOPE announced its commitment to double the number of people and places it serves in bank deserts across the Mid South. By 2016, through innovative branch models, partnerships and technology HOPE will: Expand electronic/remote access services and open mini-branch/automated locations to reach unbanked and underbanked communities; Provide responsible financial services to more than 30,000 new member-owners; and Make 13,000 new loans totaling over $500 million. “We see families and businesses every day that still struggle to cope with recent economic turmoil or that have fallen victim to predatory lenders that are all too common in low-income neighborhoods,” said Bynum. “We provide them with resources that so many people take for granted—financial education and affordable accounts—but which make a dramatic improvement in their financial situation.” HOPE was recognized for its achievement at the Mississippi Credit Union Association Annual Meeting and Convention, recently held in Biloxi, Mississippi.
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May 20th, 2013
Delta Memorial Hospital in Dumas, Arkansas,is one recipient of an NMTC loan. The funding allowed the only medical facility for miles to stabilize and grow. Regional Organization Will Support Affordable Housing, Job Creation JACKSON, MS – The United States Department of the Treasury has awarded HOPE (Hope Enterprise Corporation) $25 million in New Markets Tax Credits (NMTC) to stimulate economic development in distressed areas of Arkansas, Louisiana, Mississippi, and Tennessee. HOPE is among a select group of 66 organizations out of 345 applicants from across the nation to receive an allocation. This award is the largest received by HOPE under the program. It will be used to finance high impact projects and businesses that provide important services and self-sufficient wages in low-income communities. Previous rounds included two awards of $15 million and one award of $20 million. Using the previous allocations, HOPE has financed 108 projects for a total of more than $71 million. That includes 23 NMTC loans for nearly $6 million in Arkansas; 46 NMTC loans for more than $20 million in Louisiana; 36 NMTC loans for more than $44 million in Mississippi: and 3 NMTC loans for $830,000 in Tennessee. “This allocation is recognition of HOPE’s work to provide affordable financing to underserved communities and support effective growth,” said HOPE’s Chief Executive Officer Bill Bynum. “As the economy continues to moving forward, we will use the tax credits to encourage investment in the nation’s poorest region. NMTC-supported loans will help create jobs and provide opportunity to people who need them most.” Congress enacted this federal income tax credit as part of the Community Renewal Tax Relief Act of 2000. Many rural and inner-city regions of the country have suffered from a chronic shortage of capital for economic development. Private capital tends to flow toward where money is already accumulating—in fast-growing metropolitan areas. A desire to bring economic prosperity to low-income communities resulted in the New Markets Tax Credit program. “The New Markets Tax Credit addresses one of the most significant obstacles to economic development that low-income communities face: a lack of access to patient, private investment capital,” said Treasury Assistant Secretary for Financial Institutions Cyrus Amir-Mokri. “The $31 billion worth of tax credits awarded in past years have gone toward preserving hundreds of thousands of jobs and bringing community facilities and new businesses into neighborhoods that desperately needed them. I expect this round of awardees will continue that trend.” To receive a NMTC allocation, priority is given to “Community Development Entities” or CDEs, such as HOPE, that have a track record of working in low-income areas and that present a viable plan to raise capital and make investments in distressed areas. “The capital gap facing entrepreneurs, homebuyers and families in economically distressed communities of the Mid South is higher than any other region of the country,” said Bynum. “It will take the combined efforts of government, banks, industry, churches, non-profits and individuals to close this gap. Thanks to the New Markets Tax Credit program, HOPE is poised […]
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May 20th, 2013
JACKSON, MS – The United States Department of the Treasury has awarded HOPE (Hope Enterprise Corporation) $25 million in New Markets Tax Credits (NMTC) to stimulate economic development in distressed areas of Arkansas, Louisiana, Mississippi, and Tennessee. HOPE is among a select group of 66 organizations out of 345 applicants from across the nation to receive an allocation. This award is the largest received by HOPE under the program. It will be used to finance high impact projects and businesses that provide important services and self-sufficient wages in low-income communities. Previous rounds included two awards of $15 million and one award of $20 million. Using the previous allocations, HOPE has financed 108 projects for a total of more than $71 million. That includes 23 NMTC loans for nearly $6 million in Arkansas; 46 NMTC loans for more than $20 million in Louisiana; 36 NMTC loans for more than $44 million in Mississippi: and 3 NMTC loans for $830,000 in Tennessee. “This allocation is recognition of HOPE’s work to provide affordable financing to underserved communities and support effective growth,” said HOPE’s Chief Executive Officer Bill Bynum. “As the economy continues to move forward, we will use the tax credits to encourage investment in the nation’s poorest region. NMTC-supported loans will help create jobs and provide opportunity to people who need them most.” Congress enacted this federal income tax credit as part of the Community Renewal Tax Relief Act of 2000. Many rural and inner-city regions of the country have suffered from a chronic shortage of capital for economic development. Private capital tends to flow toward where money is already accumulating—in fast-growing metropolitan areas. A desire to bring economic prosperity to low-income communities resulted in the New Markets Tax Credit program. “The New Markets Tax Credit addresses one of the most significant obstacles to economic development that low-income communities face: a lack of access to patient, private investment capital,” said Treasury Assistant Secretary for Financial Institutions Cyrus Amir-Mokri. “The $31 billion worth of tax credits awarded in past years have gone toward preserving hundreds of thousands of jobs and bringing community facilities and new businesses into neighborhoods that desperately needed them. I expect this round of awardees will continue that trend.” To receive NMTC allocations, priority is given to “Community Development Entities” or CDEs, such as HOPE, that have a track record of working in low-income areas and that present a viable plan to raise capital and make investments in distressed areas. “The capital gap facing entrepreneurs, homebuyers, and families in economically distressed communities of the Mid South is higher than any other region of the country,” said Bynum. “It will take the combined efforts of government, banks, industry, churches, non-profits and individuals to close this gap. Thanks to the New Markets Tax Credit program, HOPE is poised to play a larger role in helping our region realize its immense potential.” ### HOPE is a regional financial institution, community development intermediary and policy center that provides affordable financial services; leverages private, public […]
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