Bill Bynum, CEO of Enterprise Corporation of the Delta and Hope Community Credit Union, was one of 12 leaders of small banks who met with President Obama today to discuss lending issues.
"CDFIs like ECD/Hope are uniquely positioned to have a dramatic effect on stabilizing the economy and getting financing flowing to businesses again" Bynum said in a statement. "CDFIs have a history of working in economically distressed environments and have proven that we can make smart lending decisions that support viable businesses."
Bynum was the only credit union executive at the meeting.
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The credit union is headquartered in Mississippi but has branches in Arkansas, Louisiana and Tennessee.
Today's White House meeting was the second Obama held within the last eight days with bank leaders to encourage them to lend more money to help jumpstart the economy. Last Monday's meeting was with the heads of some nation's largest banks.
"Community banks serve a vital function all across the country. They are folks who know their customers, don't just lend them money but also provide them advice if they're entrepreneurs and getting started. They are intimately woven into the fabric of the community. I think it's fair to say that most of these community banks were not engaged in some of the hugely risky activities that helped to precipitate the financial crisis," Obama told reporters after today's meeting.
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