Bill Bynum
William J. Bynum is an American businessperson and philanthropist. Bynum is the chief executive officer and founder of Hope Enterprise Corporation, Hope Credit Union and the Hope Policy Institute, collectively known as HOPE.
Bill Bynum | |
|---|---|
| Born | William J. Bynum |
| Alma mater | University of North Carolina Chapel Hill |
| Occupation | Businessperson Philanthropist |
| Known for | HOPE |
Early life and education
William J. Bynum was born in East Harlem in New York City.[1] His parents were from North Carolina and when Bynum was one year old, his family left New York to return to North Carolina, settling in Bynum.[1][2]
He attended the University of North Carolina Chapel Hill.[1] He started as journalism major and shifted to psychology and political science, earning a double major.[1] At the University, he was chair of the Black Student Movement.[2] Bynum considered attending law school, and was accepted to the University of North Carolina's law school, but began working for a labor organization, which instilled his interest in employment and labor rights.[1]
Career
Bynum eventually began working for Center for Community Self-Help, helping to build the new business with the help of a $77 loan from local manufacturing workers.[1][2] His desire to work in the credit union industry was inspired by Bynum's grandmother, who used to bank at a credit union which provided banking services to Black community members out of the garage of Bynum's high school principal.[1][2] In 1989, he began working for the North Carolina Rural Center, providing microloans to low-income community members to start businesses.[1]
In 1994, Bynum met George Pennick, director of the Foundation For The Mid-South. Pennick relocated from North Carolina to Mississippi, recruited by then Mississippi governor William Winter, to launch the foundation to support economic development in the state. Bynum also saw Winter lecture in North Carolina and found the work Winter and Pennick were doing in Mississippi interesting. Eventually, Bynum relocated to work with Pennick, moving to Jackson, Mississippi. Upon joining the foundation, Bynum managed a $1.5 million grant to start the Enterprise Corporation of the Delta to help small businesses.[1]
HOPE Credit Union
During his work at the foundation, Bynum began attending church and the pastor told him that he wanted to start a credit union. The goal was to create an option to people using payday loan and alternative financial services. Bynum would spend his day working at the foundation and his free time working on the HOPE credit union project. Eventually, the credit union became successful and HOPE Credit Union absorbed the Enterprise Corporate of the Delta program. HOPE opened its first brick and mortar office in Jackson and expanded to New Orleans in 2004.[1] The credit union now has locations throughout the south, including in Tennessee, Arkansas, and Alabama and almost 50,000 members.[1][3] In June 2020, Netflix invested a $10 million deposit at HOPE to support economic development for Black communities.[1]
Other work
Bynum is on the board of the NAACP Legal Defense Fund and the Aspen Institute, in addition to other organizations. He's a former member of the Department of Treasury advisory boards for the Community Development Financial Institutions Fund and the Consumer Financial Protection Bureau.[1] In 2020, Bynum was named to the Joe Biden presidential transition team to support transition efforts related to the Consumer Financial Protection Bureau.[4]
Personal life
Bynum married Hope Simmons in 1988.[1] In 1990, their child, Blythe Hope, was born. Hope died in 2019.[5]
In 2008, Bynum was awarded the University of North Carolina's Distinguished Alumnus Award.[2]
References
- Criss, Jack (5 November 2020). "Bill Bynum". Delta Business Journal. Retrieved 17 November 2020.
- Spurr, Kim. "Southern Futures: Chief Hope Officer". College Arts & Sciences Magazine. Retrieved 17 November 2020.
- McGarvey, Robert (4 February 2019). "Talking about the real credit union mission with Bill Bynum, CEO of Hope CU". CUInsight. Retrieved 17 November 2020.
- Passman, Aaron (11 November 2020). "Biden transition teams add credit union CEO and former NCUA staffer". American Banker. Retrieved 17 November 2020.
- "Hope Bynum Obituary (1954 - 2019) - Clarion Ledger". Legacy. Retrieved 17 November 2020.