Archive Links

Consumer Archive
CU System Archive
Market Archive
Products Archive
Washington Archive

News Now

Washington
CDFI director attends Tenn. HOPE CU opening
WASHINGTON (8/1/08)—A U.S. Treasury Department official, Donna Gambrell, will be on hand in Memphis today to attend an event celebrating the opening of the first Tennessee branch of Hope Community CU (HOPE). Gambrell, who is director of Treasury’s Community Development Financial Institutions (CDFI) Fund, will deliver remarks and participate in a ribbon-cutting ceremony. Hope Community CU was founded in 1995, in part, to provide an alternative to the high-cost, payday lenders. It currently operates in Mississippi, Alabama, and Louisiana. It offers such services and products as basic checking and savings accounts, online banking, bill pay services and member small business loans. The credit union describes its mission as one to “strengthen communities, build assets and change lives in economically distressed areas…” Its website reports that since inception, HOPE and its sponsor, Enterprise Corporation of the Delta, have generated over $300 million in financing and brought economic opportunities to more than 30,000 people in economically distressed areas. In 2005, HOPE was recognized as the fastest growing credit union in the nation for building deposit. A 2007 survey ranked HOPE for the fifth largest increase in membership growth in the country during 2005 and 2006. The Treasury’s CDFI program administers community development grants. It uses small amounts of federal dollars to leverage significant amounts of private and non-federal dollars to support the CDFI industry. According to Treasury, since its creation, the CDFI Fund has awarded $864 million to community development organizations and financial institutions; it has awarded allocations of New Markets Tax Credits which will attract private-sector investments totaling $16 billion, including $1 billion of special allocation authority to be used for the recovery and redevelopment of the Gulf Opportunity Zone. Use the resource link below for more information on applying for CDFI grants.
Other Resources

RSS print
News Now LiveWire
Goodwill Industries latest to report data security breach http://t.co/gIaXNsT4Bk
15 hours ago
CUNA economist Schenk discusses regulators' focus on interest-rate risk. See CU Magazine: http://t.co/tW1p9rTSSv
16 hours ago
Fed issues annual report on general-use prepaid cards in gov't-administered payment programs. http://t.co/3zPhejSPZt
17 hours ago
Children in foster care face higher risk of identity theft via @NBCNews http://t.co/Dif0hCfBdA
17 hours ago
.@Cornerstone_CUL's leadership conference includes food drive for San Antonio food bank http://t.co/h2O8O4TxuD
18 hours ago