NEW YORK–Hope Federal Credit Union here has won the first-ever Financial Inclusion Challenge in the United States conducted by the Wall Street Journal. The Jackson, Miss.-based credit union was selected from among three finalists during live voting that took place following presentations and questions from judges in New York.
During the Q&A, the three finalists responded to judges’ questions about the impact and sustainability of their work. In addition to Hope FCU, the other finalists were Propel and Opportun. The three organizations were selected from 125 entries to the Wall Street Journal competition.
During the Q&A, Hope FCU CEO Bill Bynum told the judges, “Almost 40% of our members didn’t have a bank account before they joined our credit union. The banks were there, they weren’t serving these markets.”
After winning the award, Bynum said, “We will take this opportunity to serve even more people across the deep south.”
In a video accompanying announcement of the award, Camille Busette of the Brookings Institution, who was one of the judges, said, “(Hope FCU) really goes into places that have no other financial services. When we thought about impact for this award, we thought about the impact HOPE has for communities, and not just individuals and families, and found that really impressive.”
The Wall Street Journal has released a video that highlights the award and presentation here.
In 2016, Hope FCU won a Wegner Award from the National Credit Union Foundation.
Below, Bynum accepts award.