JACKSON, Miss. HOPE CU is offering free members and financial counseling to African-American recipients of the $1.2-billion Black Farmers Discrimination lawsuit against the U.S. Department of Agriculture, which is being distributed in payments of $50,000 by the federal government to 7,500 claimants in the midSouth.
“There will be thousands of low-wealth families who suddenly have the prospect of building a much brighter financial future for themselves,” said Bill Bynum, president of the $170-million credit union. “Many people who would never have had the money to save for retirement, buy a home, or start a business suddenly will have the means to do so. We want them to make the most of this chance.”
The credit union is offering free membership to award recipients and providing mortgage and small business loan incentives to encourage prudent savings and borrowing. HOPE is offering free comprehensive financial counseling, including credit history review and management, spending plan guidance, and asset building advice with long term planning to settlement recipients. Counseling services are available toll-free at 1-888-246-6314 or online at
“We want to advocate for these people, and help them try to avoid the myriad of financial scams such as the ones that ensued following Hurricane Katrina,” said Bynum. “The settlement is a once in a lifetime event for a distressed population in our region, those African American families to boost their economic prospects now and for future generations, as their grandparents and great grandparents did by buying land to farm.”
There are more than 7,500 settlement recipients in HOPE's service areas of Arkansas, Louisiana, Mississippi, and Tennessee. The credit union is working with partners to help deliver information and resources to successful claimants. Organizations who serve the recipient population can contact HOPE for information and resource materials by calling 1-866-843-3358 or emailing
