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.”
(08/31/21) — The Louisiana Credit Union League is still assessing Hurricane Ida’s impact to credit unions. Due to mass power and cell phone outages in southeastern Louisiana, communication with many areas is still limited. Physical access to many areas is also limited. The Mississippi Credit Union Association is in contact with the Louisiana Credit Union Association. We’ll communicate with our member credit unions about offering assistance to Louisiana credit unions as more information becomes available.
(08/30/21) — The Mississippi Credit Union Association is in contact with our member credit unions in areas affected by Hurricane Ida. Although many credit unions are closed part or all of Monday as the storm continues its path across the state, no severe impact to Mississippi locations has been reported at this time.
Credit union members displaced by the storm can use their credit union’s online & mobile options when available, or if their credit union is in the CO-OP Shared Branching Network, can search for the nearest branch using the following resources:
- Mobile Apps: CO-OP ATM / Shared Branch Locator: iPhone or Android
- Website: https://co-opcreditunions.org/locator/
March 24, 2021 — Jackson, Mississippi – Governor Tate Reeves announced Tuesday that Rhoshunda Kelly will lead the Mississippi Department of Banking and Consumer Finance. Prior to this appointment to Bank Commissioner, Mrs. Kelly served as Acting Commissioner upon the retirement of the previous Commissioner and was appointed Interim Commissioner July 1, 2020.
Governor Tate Reeves stated that “Mrs. Kelly will continue to serve the people of Mississippi well in her capacity as Commissioner of Banking and Consumer Finance. Her experience and dedication to the Department will be an asset to the industry as well as the citizens who utilize the services of state-chartered banks and credit unions across Mississippi.”
Rhoshunda has nearly 20 years of experience as a bank regulator. She was appointed Deputy Commissioner in 2014 and was responsible for supervisory oversight of the banking, mortgage, consumer finance, administration, legal and information technology divisions. In this capacity, she also ensured effective coordination between the state and federal regulators and fostered engagement with regulated industries.
Mrs. Kelly grew up in Reform, Mississippi. She began her career as a bank examiner after graduating from Mississippi State University with a degree in Business and a concentration in Banking and Finance. She was a field examiner from 2001 to 2011. As a field examiner, she assessed the safety and soundness of Mississippi state-chartered banks. In 2012 she became a review examiner and was promoted to the Director of Bank Supervision in 2013.
“I am humbled and honored to serve as the next Commissioner of the Department of Banking and Consumer Finance. I want to thank Governor Reeves for this opportunity to serve the State of Mississippi. We have a vibrant financial ecosystem of banks, credit unions, mortgage companies, and consumer finance industries. This financial network touches every corner of the state.”
MSU places first in nationwide banking case study competition
June 18, 2020 — JACKSON, Miss.—Mississippi State University placed first in the Conference of State Bank Supervisors 2020 Community Bank Case Study Competition. Mississippi State University, along with 37 teams from 33 colleges and universities in 18 states studied the impact of the Bank Secrecy Act and Anti-Money Laundering (BSA-AML) requirements of community banks. Student teams partnered with a local community bank to examine challenges, associated time and costs and identify potential regulatory reforms.
MSU team members included spring finance graduates Juan Benavides of Greenville; Liam Benson of Auburn, Maine; Byron McClendon of Brandon; Jake Mlsna of Starkville; and senior finance major Kirk Wright of Crystal Springs. Their faculty advisor was MSU Assistant Clinical Professor of Finance Matthew Whitledge. Citizens National Bank, based in Meridian, Miss., was the team’s community bank partner. Other university finalists included Concordia College, James Madison University, Mansfield University of Pennsylvania, and Purdue University.
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