Who We Are

Hope Federal Credit Union (HOPE) was organized in 1995 by the members of Anderson United Methodist Church as Mississippi’s only church-sponsored credit union.

The credit union grew out of a desire to foster asset development, cooperation, and self-empowerment among low-income Jackson residents.

HOPE also sought to promote savings and community reinvestment in distressed communities, educate youth about economics and finance, and provide greater access to financial services for its members.

By 1999, HOPE was still extremely small and run by part-time volunteers. They were finding it increasingly difficult to manage the credit union’s operations. HOPE began to look for additional sponsors.

In February 2000, HOPE expanded its field of membership to include several groups that share a mission of community development. Among these were the Amos Network and its approximately 28 member churches, Fellowship of Hope Ministries with 15 member churches, the 100 Concerned Clergy with over 50 member churches, Voice of Calvary Ministries, and New Horizon Ministries. The expanded field of membership and the new sponsors helped HOPE grow tenfold in the space of two years.

In August 2002, after a long tradition of collaboration, Enterprise Corporation of the Delta (ECD) became HOPE’s primary sponsor. One of the nation’s leading community development financial institutions, ECD provides commercial, mortgage, and community facilities loans in economically distressed areas of Arkansas, Louisiana, and Mississippi. This alliance has made both organizations stronger and enabled HOPE to significantly expand its scope of products and services, and begin delivering its services to a much broader geography.

In 2005, HOPE was recognized as the fastest growing credit union in the nation for building its deposit. A 2007 survey ranked HOPE fifth in the nation for largest increase in membership growth during 2005 and 2006.

HOPE has continued to expand with additional mergers.

At the end of 2008, HOPE merged with College Station Federal Community Credit Union, an organization located in College Station, Arkansas, with a 50-year history.

American Savings Credit Union became part of HOPE on January 1, 2009. Based in Memphis, Tennessee, ASCU helped expand HOPE’s reach across the Mid South with 17,000 additional members and five new branches.

As part of its commitment to significantly increase the number of people and places it serves, HOPE has added branches and expanded the delivery of products and services via convenient and easily accessible electronic channels. HOPE has taken over branches in Terry and Utica, Mississippi, where the only banks in town were closing.

There are new locations in Pine Bluff, Arkansas, and Greenville, Mississippi, where significant percentages of the populations were un- or underbanked. The credit union also established mini-branch/computer kiosk locations at a cooperative grocery store in Jackson, Mississippi, and a historic grocery store in New Orleans, Louisiana.

HOPE has deployed additional capabilities with its online, mobile banking, and online account/loan application services, allowing people who don’t have computer-based internet access and/or live farther away from branch locations to manage a wide variety of their banking needs more conveniently.

HOPE expanded its work to Alabama in October of 2017 when it merged with Tri-Rivers Federal Credit Union in Montgomery, Alabama.

Growth in Alabama continued with the addition of New Pilgrim Federal Credit Union in January of 2024. New Pilgrim was established in 1965 as an outreach ministry for members of New Pilgrim Baptist Church, which was founded in 1900.

Hope Policy Institute serves as the policy division of HOPE (Hope Enterprise Corporation and Hope Credit Union). Through independent analysis grounded in the experiences of HOPE’s programs and its members, the Policy Institute influences policies that affect the allocation of resources and facilitates an environment to ensure that all people prosper.

The Institute’s areas of emphasis include:

• Development finance
• Education & workforce development
• Financial inclusion
• Health & healthcare
• Housing

HOPE’s intentional and translational policy approach to advocacy recognizes that while each loan and every account supported by HOPE is important, the effects are small relative to the needs of the region. Only by influencing public policies and the practices of private institutions is lasting, scalable impact achieved.

History

Since HOPE’s inception in the mid-1990s, the organization has actively engaged public and private leaders to increase investment in underserved places. For example, in the early 2000s, HOPE successfully led efforts to make the new markets tax credit (NMTC) program more accessible to community development financial institutions (CDFIs) by securing several key rulings from the Internal Revenue Service. As a result, CDFIs like HOPE accessed billions of dollars through the NMTC program nationwide that were in turn invested in businesses and community facilities in high-poverty areas.

HOPE also led efforts to expand the Small Business Administration Community Advantage Program to non-depository CDFIs. The policy change broadened participation in the program to small business lenders that were most likely to lend to underserved entrepreneurs and in underserved locations. In each instance, HOPE relied on rigorous analysis and on its on-the-ground experience to inform the policy debate.

In 2006, HOPE formalized its policy analysis capacity through the creation of the Mississippi Economic Policy Center (MEPC). Specifically, MEPC was created to provide analytical support to the overall advocacy effort of ensuring that the state’s response to Hurricane Katrina was inclusive and equitable. Given HOPE’s track record, nonprofit policy leaders in Mississippi selected HOPE as the home for MEPC. HOPE and the Mississippi Center for Justice worked together to secure initial funding for the project and an invitation to join the State Fiscal Analysis Initiative (SFAI), now called the State Priorities Partnership (SPP), managed by the Center on Budget and Policy Priorities.

MEPC’s invitation into the SFAI network proved to be critical to its growth. Through the network, MEPC gained valuable technical assistance to support its analytical product development, communications and fundraising activities. The network also provided a peer group of colleagues that shared lessons learned in state-level policy debates from around the country.

One of MEPC’s early hurricane recovery victories included working side by side with HOPE’s community development team to conduct an analysis that illustrated how the proposed homeowner assistance grant program would limit the participation of low-income families that lost their homes to Katrina. The analysis supported advocacy efforts that were successful in making the program a more accessible solution for a much wider group of homeowners than originally intended.

MEPC analysts also drafted the affordable housing section of the report submitted by the Governor’s Commission on Recovery, Rebuilding, and Renewal.

The report contributions paved the way for HOPE-led policy efforts to create a financial counseling program, funded with federal recovery dollars that would target low- and moderate-income Mississippians who needed to reconstruct homes that had been lost during Katrina.

Once implemented, case workers within the program worked to identify every public and private resource available and developed a prudent plan to stretch the dollars as far as possible. Under HOPE’s leadership, the program assisted over 10,000 families with financial counseling, resulting in over $600 million directed toward the rebuilding of homes on the MS Gulf Coast.

Since then, the policy work of HOPE has evolved at both the state and federal levels. MEPC team members have been called upon to testify before the tax writing, banking and financial services, insurance, and public health committees in both chambers of the Mississippi Legislature.

MEPC’s analysis has also been front and center in debates around unemployment insurance modernization, Medicaid expansion and high-cost lending. In 2015, its analysis and communications were instrumental in the warding off of $1.6 billion in proposed tax cuts that would have devastated the state’s ability to invest in education, healthcare, and other important public structures.

At the federal level, HOPE successfully led efforts to boost the position of CDFIs within the federal response to the economic crisis during the Great Recession. As a result, CDFIs were able to access low-cost funds through the Temporary Asset Relief Program (TARP) to direct resources to the most impoverished communities in America.

In recent years, HOPE has also been invited to testify before the Joint Economic Committee of Congress, federal banking regulators and the Consumer Financial Protection Bureau.

Throughout all of HOPE’s policy work – whether through MEPC or through its broader lending and community development competencies – a common thread emerges. High-quality analysis buttressed by sound data, grounded in the practical experience of working with individuals and communities, makes the most compelling case for change.

The creation of the Hope Policy Institute recognizes the importance of public policy in supporting the attainment of HOPE’s mission by institutionalizing the organization’s policy advocacy approach that has been so successful over the last 30 years in creating opportunity for all.

Hope Enterprise Corporation was founded in 1994 as Enterprise Corporation of the Delta (ECD). It was the vision of corporate economic development, and public officials who saw an opportunity to create prosperity and growth in the Mississippi Delta.

ECD was established to strengthen communities, build assets, and improve lives in the 58 counties and parishes of Arkansas, Louisiana, Mississippi, and Tennessee. The organization supported strategies that included a broad mix of direct lending, buyer-supplier matchmaking, providing technical assistance. As the organization grew, it began to focus on sectors with significant growth potential, addressing infrastructure gaps, and adding venture capital funding to its portfolio.

In 2003, ECD became the primary sponsor of Hope Community Credit Union, now Hope Federal Credit Union. To align the two organizations more closely, ECD changed its name to Hope Enterprise Corporation.

Collectively, the organizations have continued to increase product and service offerings that benefit more economically distressed and rural communities with an expanded service area that now includes all of Alabama, Arkansas, Louisiana, Mississippi, and Tennessee.

The following items are important legal notices. Select any link to learn more.

• Legal Notice
• Privacy Policy
• Expenditure Policy

Privacy Policy

Download a PDF of the Privacy Policy

Facts

What does Hope Federal Credit Union do with your personal information?

Why?

Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.

What?

The type of personal information we collect and share depends on the product or service you have with us. This information can include Social Security number and account balances, account transactions and credit history, overdraft, and payment history. When you are no longer our customer, we continue to share your information as described in this notice.

How?

All financial companies need to share members’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their members’ personal information, the reasons Hope Federal Credit Union chooses to share, and whether you can limit this sharing.

How?

All financial companies need to share members’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their members’ personal information, the reasons Hope Federal Credit Union chooses to share, and whether you can limit this sharing.

Questions?

Call toll-free 866-321-4673

Expenditure Policy

Community Development Capital Initiative Program – Excessive Expenditure Policy

As a participant in the Community Development Capital Initiative Program (the “CDCI”) being administered by the United States Department of the Treasury (“Treasury”), Hope Federal Credit Union (“HOPE”) is adopting this Excessive Expenditure Policy (this “Policy”) pursuant to the requirements of the American Recovery and Reinvestment Act of 2009. Once this Policy has been adopted, a copy of this Policy will be provided to Treasury and the text of this Policy will be posted on the HOPE website. Moreover, HOPE will maintain this Policy during the remainder of its CDCI participation, and, in the event the Board of Directors adopts any material amendment to this Policy, within 90 days of such amendment, HOPE will provide the amended policy to Treasury and will post the amended policy on the HOPE website.

1. INTRODUCTION

It is the policy of HOPE to prohibit excessive expenditures on any of the following, to the extent such expenditures are not reasonable expenditures for staff development, reasonable performance incentives, or other similar reasonable measures conducted in the normal course of the business operations of HOPE:

• Entertainment or events;
• Office and facility renovations;
• Aviation or other transportation services; and
• Other similar items, activities, or events for which HOPE may reasonably anticipate incurring expenses, or reimbursing an employee for incurring expenses.

This Policy is not intended to apply to bona fide business development or marketing expenditures, provided that the expenditure in question does not involve the conferring of a significant benefit on any HOPE employee or group of employees.

The following policies and procedures shall govern excessive expenditures generally.

1. PROHIBITED EXPENDITURES

Expenditures for entertainment, events or sponsorship of events, office or facility renovations, aviation services or other transportation services, or other similar expenditures will be prohibited where HOPE has not documented its determination that such expenditure either (i) benefits current or prospective members or other sources of new business or serves some other legitimate business development purpose, (ii) serves a bona fide staff development purpose or (iii) serves some other bona fide business purpose.

III. EXPENDITURES REQUIRING PRIOR APPROVAL

The following types or categories of expenditures require prior approval:

• Entertainment, where the expenditure amount exceeds $ 50,000 per item, activity, or event;
• Events or sponsorship of events, where the expenditure amount exceeds $ 50,000 per item, activity, or event;
• Office or facility renovations, where the expenditure amount exceeds $ 50,000 per item, activity, or event;
• Aviation services, where the expenditure amount exceeds $ 50,000 per item, activity, or event;
• Other transportation services, where the expenditure amount exceeds $ 50,000 per item, activity, or event; and
• Other similar items, where the expenditure amount exceeds $ 50,000 per item, activity, or event.

1. APPROVAL PROCEDURES

For expenditures requiring prior approval under Part III above, such prior approval may be obtained by submitting a written request to the Compensation Committee. Such a request may take the form of an email or facsimile communication and must be directed to each of the Committee members. Any such request must be approved by a majority of the members of the Compensation Committee. Committee members must affirmatively express their approval in writing, which approval may take the form of an email or facsimile communication and may, but is not required to, be given on a preprinted form designed for that purpose. Committee members may, but are not required to, meet together to deliberate before approving any particular expenditure request.

1. CEO AND CFO CERTIFICATION OF CERTAIN APPROVALS

With respect to each expenditure requiring the prior approval of the Compensation Committee, the CEO and the CFO will both certify in writing that the approval of such expenditure was properly obtained.

1. PROMPT REPORTING OF, AND ACCOUNTABILITY FOR, VIOLATIONS

If any employee of HOPE becomes aware of a violation of this Policy, he or she must promptly report the violation to the Internal Auditor (“Auditor”). Upon receiving such a report, the Auditor must then conduct a discreet investigation, preliminary in nature, of the facts and circumstances giving rise to the allegation. If, after an appropriate investigation, the Auditor concludes there is a substantial likelihood that a violation has occurred, then the Auditor must submit to the Audit Committee of the Board of Directors a written report describing (i) the alleged violation, (ii) the Auditor’s preliminary investigation into the allegation, and (iii) the reasons for the Auditor’s conclusion that there is a substantial likelihood that a violation of this Policy has occurred. Upon receiving this written report, the Audit Committee will conduct a full inquiry into the facts and circumstances giving rise to the allegation.

If, after conducting a full inquiry into the facts and circumstances giving rise to the allegation, the Audit Committee determines that a violation of this Policy has occurred, the offending employee must be appropriately held accountable for the violation, in accordance with existing disciplinary policy.

Emergency Capital Investment Program – Luxury Expenditure Policy

1. Excessive or Luxury Expenditures Policy

1. Purpose
   The purpose of this policy is to establish parameters and internal controls governing the expenditures of Hope Federal Credit Union (together with its subsidiaries and controlled affiliates, referred to hereafter as the Organization). Expenditures of the Organization should be customary, prudent, consistent with applicable laws and regulations, and reasonably related to the Organization’s business objectives and needs. This policy identifies expenditures that are excessive or luxury expenditures, creates processes that are reasonably designed to eliminate such expenditures, and establishes accountability for compliance. Routine operating expenses, capital expenditures, and other reasonable expenses are not prohibited by this policy.

1. Authority
   The Organization has authority to provide compensation and benefits that are reasonable. This policy establishes a prohibition on expenditures that are excessive or luxury expenditures as required by the Department of the Treasury’s Emergency Capital Investment Program regulations (31 CFR part 35), and as may be required by other statutes and regulations.

1. Responsibility
   This policy is the responsibility of the Organization’s board of directors (board). The board has approved this policy and will review compliance with this policy no less frequently than annually, and summary data on excessive or luxury expenditures will be reported to the board as part of the compliance review.

1. Scope
   This policy applies to all employees, officers, and directors of the Organization with regard to any expenditure of the Organization. In making any expenditure on behalf of the Organization, employees, officers, and directors should consider whether the expenditure is an excessive or luxury expenditure that is prohibited under this policy.

1. Excessive or Luxury Expenditures
   “Excessive or luxury expenditures” means excessive expenditures on any of the following to the extent not reasonable or appropriate expenditures for business development, staff development, reasonable performance incentives, or other similar reasonable measures conducted in the normal course of the Organization’s business operations:

(1) Entertainment or events. This category includes fees, dues, tickets costs related to social, athletic, artistic and dining clubs, activities, celebrations or other events, and similar expenditures. Expenditures for charitable contributions and charitable events are not prohibited under this policy. Entertainment or events expenditures in an amount less than $50,000 per instance are exempt from this policy.

(2) Office and facility renovations. This category includes costs and allowances for office renovation, including expenditures related to furniture, art, office personalization, interior finishing, design and decoration, and similar expenditures. Office and facility renovations expenditures in an amount less than $50,000 per instance are exempt from this policy.

(3) Aviation or other transportation services.

(i) This category includes charter fees, tickets, slip or docking fees, vehicle installment payments, reservation and travel agent expenses, and similar expenditures associated with transportation services (e.g., airline, train, rental cars, or vans). Mileage reimbursable according to current Internal Revenue Service mileage rates is exempt from this policy. Transportation services in an amount less than $50,000 per instance are exempt from this policy.

(ii) The principal executive officer may establish or delegate to an appropriate executive officer the authority to establish processes for reimbursement of reasonable travel expenditures, which processes must be reviewed by executive management no less frequently than annually.

(4) Tax gross-ups. This category includes any reimbursement of taxes owed with respect to any compensation. This category does not apply to tax equalization agreements for employees subject to tax from a non-U.S. jurisdiction.

(5) Other similar items, activities, or events for which the Organization may reasonably anticipate incurring expenses or reimbursing an employee for incurring expenses.

(i) Expenditures related to other items not listed in the preceding categories are exempt from this policy in an amount less than $50,000 per instance.

(ii) For the avoidance of doubt, reasonable capital investments in technology, equipment, and similar items that expand the long-term capability of an ECIP recipient to provide products and services to its customers and community are not excessive or luxury expenditures.

(iii) The principal executive officer may establish or delegate to an appropriate executive officer the authority to establish processes for the evaluation and approval of expenditures in the preceding categories that are not luxury or excessive expenditures and that are not otherwise exempt from this policy. These processes must be reviewed by executive management no less frequently than annually, as well as any additional threshold expenditure amounts per item, activity, or event, or a threshold expenditure amount per employee receiving the item or participating in the activity or event under this policy. Such approvals must be reported to the board of directors (which may be in an appropriate summary form) no less frequently than annually.

1. Exceptions or Violations

(1) Any exception or violation of this policy must be promptly reported to the Organization’s (i) principal executive officer, (ii) officer with primary responsibility for the Organization’s compliance function, or (iii) officer designated with primary responsibility for overseeing the administration, monitoring, and compliance with this policy. Exceptions and violations must be reported to the board of directors no less frequently than annually, or more frequently as the nature and severity of violation may warrant. All employees, officers, and directors of the Organization must adhere to this policy and will be held accountable for compliance. Any employee or officer who violates this policy may be subject to disciplinary action up to and including termination of employment.

(2) Any employee or officer that is aware of any circumstance that may indicate a violation of this policy is required to report such circumstance to their supervisor or the Organization’s principal compliance officer or compliance group. The Organization prohibits retaliation against any employee or officer for making a good faith report of actual or suspected violations of the Organization’s code of conduct, laws, regulations, or other Organization policies, including this policy. A finding of retaliation against any such employee or officer may result in disciplinary action up to and including termination. Failure to promptly report known violations by others may also be deemed a violation of the Organization’s code of conduct.

(3) Employees and officers may ask questions, raise concerns, or report instances of non-compliance with this policy and/or any of the existing underlying relevant policies by contacting the following:

Hope Supervisory Committee
P.O. Box 5353
Jackson, MS 39286

1. Certification
   On an annual basis, the ECIP recipient will deliver to the Department of the Treasury a certification, executed by two senior executive officers (one of which must be either the ECIP recipient’s principal executive officer or principal financial officer) certifying that (i) the Organization is in compliance with this policy and (ii) the approval of any expenditure requiring the prior approval of any senior executive officer, any executive officer of a substantially similar level of responsibility, or the board of directors (or a committee of such board), was properly obtained with respect to each such expenditure.