In the wake of the Black Lives Matter movement and Faith and Money Network’s own reckoning with a commitment to racial equity, the organization has committed to moving money to Hope Credit Union, a Black-led, government-insured financial institution based in Jackson, Mississippi.
Faith and Money Network director Mike Little and board member Andy Loving of Just Money Advisors invite you to consider opening a money market account at Hope Credit Union to support its efforts to build capital for Black individuals and businesses.
By moving money to Hope Credit Union, you would join Faith and Money Network board members and the organization itself in solidarity with the anti-racism movement and healthier financial futures for BIPOC Americans in the Mid-South.
Why Hope Credit Union?
Hope Credit Union (HCU) has its roots in Jackson, Mississippi, where it was organized in 1995 by the members of Anderson United Methodist Church as the state’s only church-sponsored credit union.
Since its founding, the minority-led credit union has formed several partnerships, sponsorships and mergers that today enable Hope Credit Union to deliver its services to a largely BIPOC membership in Alabama, Arkansas, Louisiana, Mississippi, and Tennessee.
Slavery was most prevalent in these states before the Civil War, and today the region continues to be plagued by persistent poverty, with large swaths of the population un- or underbanked and vulnerable to predatory lending practices. HCU strives to build wealth and capital in underserved communities throughout the Mid-South, and Faith and Money Network supporters can help the credit union achieve its goal by opening money market accounts at HCU.
HCU can use the increased capital from our deposits to continue to build wealth on the margins by increasing access to basic banking services in rural and economically distressed communities and serving more mortgage and small business loans to Black, Brown and Indigenous community members.
Hope Credit Union is a CDFI, or community development financial institution, that is insured through the National Credit Union Administration up to $250,000 per individual and $500,000 per couple.
Faith and Money Network aims to lead by example
With our renewed commitment to advance racial equity as outlined in our October 2021 racial equity statement, Faith and Money Network has been examining our own partnerships and programming for opportunities.
As part of this practice, we have committed to move money to Hope Credit Union in 2022. This commitment builds upon Faith and Money Network’s work to support underserved communities by placing money in institutions that help these communities build wealth, such as City First Bank of DC, Self-Help Credit Union and Calvert Impact Capital.
This invitation to join Faith and Money Network in moving money to Hope Credit Union can be the beginning of a deeper exploration of anti-racist ideals put into action, says director Mike Little. “Lifestyle changes aren’t a political solution to anything, but they may be a political question to everything.”
Empowering communities to build wealth
Community development financial institutions like Hope Credit Union are historically underfunded, says financial advisor and Faith and Money Network board member Andy Loving. CDFIs often have a lot more work to be done in their communities than the money they have to loan out. And when looking at what it would take to overcome wealth inequality in the United States, the reality is stark: The average Black family in America has just 12% of the wealth of the typical white household.
HCU helps communities and individuals build wealth by serving mortgage and small business loans, both of which can be essential in eradicating systemic inequality. If you’re looking for your money not just to make more money, but also to do good in the world, moving some of that capital to HCU can be a promising start.
“This is just a different social justice action that we don’t think about,” says Loving. “When you go into a financial institution and make a deposit, you’re handing over a measure of power.”
By moving money to HCU, even in small amounts, you can support individuals who often face barriers when trying to build wealth. Making this move may be an answer for those who have demonstrated in support of the Black Lives Matter movement and committed to anti-racism but are wondering what actions they can take next.
“We’re saying to [HCU], you take this money and do what’s best for your community instead of us telling you what to do with it,” says Loving.
How do I get started?
Signing up with Hope Credit Union is both simple and low-risk. Andy Loving and his team at Just Money Advisors can help you get started if you’re interested in opening a money market account.
Just Money Advisors has a relationship with a dedicated staff member at Hope Credit Union who is providing personalized support and assistance for those opening new accounts, and HCU also offers free checks. Credit union membership requires a one-time, tax-deductible payment of $10 and the establishment of a $15 savings account. As a member, you will also have online banking access.
To learn more about Hope Credit Union and to explore opening your own account, visit their website.
If you’d like more information or help setting up an account, contact Andy Loving and his team at Just Money Advisors, who can provide complimentary assistance to Faith and Money Network community members interested in opening a money market account at HCU.
December 23, 2021
* Faith and Money Network gains no material benefit from nor revenue through our partnership with Hope Credit Union.