REGULATING AGENCY: Mississippi Department of Banking & Consumer Finance
LEAGUE: Mississippi Credit Union Association
PRIVATE SHARE INSURANCE: No
STATS: (As of Q4 2021)
Total Number of Credit Unions: 67
- TOTAL # SCUs: 4
- TOTAL # FCUs: 63
- SCU % OF TOTAL (SCUS #/STATE TOTAL #): 6%
Total Assets: $8,186,771,475
- TOTAL $ SCU ASSETS: $912,734,863
- TOTAL $ FCU ASSETS: $7,274,036,612
- SCU % OF TOTAL ASSETS (SCUS $/STATE TOTAL $): 11%
Total Members: 701,005
- TOTAL Members SCUs: 89,677
- TOTAL Members FCUs: 611,328
- SCU % OF TOTAL (SCUS/STATE TOAL): 13%
FUN FACT: Coca-Cola was first bottled in Vicksburg, Mississippi in 1894. Additionally, the University of Mississippi Medical Center did the world’s first human lung transplant in 1963.
December 15, 2021 — Jackson-based HOPE Credit Union was awarded $88 million as part of a national effort to increase lending to minority-owned businesses and people with limited access to banking.
The Treasury released a total of $8.7 billion to be split among 186 financial institutions through its Emergency Capital Investment Program, which was included in a 2021 stimulus package passed by Congress. The program is the largest community finance development program ever created.
The financing is the largest investment that HOPE Credit Union has ever been awarded since it was founded in 1994.
Vice President Kamala Harris announced the historic investment during the Freedman’s Bank Forum, which was hosted Tuesday by the Treasury Department in Washington, D.C.
“The wealth gap persists today, the homeownership gap persists,” Harris said. “Black entrepreneurs are three times more likely to report that a lack of access to capital negatively affects their profit margins.”
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