William “Bill” Bynum
Bill Bynum is the Vice Chair of the Consumer Advisory Board and CEO of HOPE Enterprises, a community bank in Mississippi. HOPE’s mission is to “strengthen communities, build assets and improve lives in the economically distressed areas of the Mid-South.” HOPE has reported over $8.5 million in losses over the past few years, but pays Bynum $358,000 in annual compensation in an area where the average annual income is only $20,000.
HOPE Credit Union operates in a very impoverished area where very few residents have or even use credit. Their only alternatives to credit are payday lenders or accepting overdraft charges which can add up if charged per item. Bynum criticizes payday lenders for their high interest rates, but HOPE charges $25 in overdraft fees per item overdrawn. Should a family need to overdraw when ends can’t meet, the overdraft fees can add up quickly.
Bynum is also on the board for the Corporation for Enterprise Development. The CFED was awarded a $1.3 million contract by the CFPB as well as an undisclosed contract to run a research forum at the CFPB’s yearly conference in September.