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Breaking Barriers: Honoring Women's Contributions to the Credit Union Industry

03/10/2023

By: Laura Mugge

Breaking Barriers: Honoring Women's Contributions to the Credit Union Industry

March is Women's History Month, a time to celebrate and honor the contributions of women throughout history. At Electro, we're proud to recognize the role that women have played in the credit union movement and in our own organization.

Women have been at the forefront of the credit union movement. In fact, the first credit union in the United States was founded by a group of women in New Hampshire in 1908. Since then, women have been instrumental in shaping the credit union industry and helping it to grow and thrive. The credit union movement owes much to the contributions of many remarkable women who have fought for the rights of working-class people to access affordable financial services. These pioneers challenged the status quo and paved the way for the establishment of credit unions, which are now a vital part of our financial system.

One of the most notable pioneers of the credit union movement was Louise McCarren Herring. Herring was a credit union organizer and advocate who helped to establish the Credit Union National Association (CUNA) and served as its first female board member. She was also instrumental in creating the credit union philosophy of "people helping people," which still guides credit unions today.

Dora Maxwell was another credit union pioneer who focused on making credit unions accessible to working-class people. She helped to establish the Credit Union National Extension Bureau (CUNEB) in 1939, which was dedicated to promoting the growth of credit unions in underserved communities. Maxwell was particularly interested in helping women and minorities access credit, and her work was instrumental in expanding the reach of the credit union movement.

Today, women continue to play a vital role in the credit union industry. Women currently hold nearly 50% of all management positions in credit unions. In fact, 51% of credit union CEOs are women – more than 15 times higher than the rate of women CEOs at banks, according to a recent report by CUNA. This is a testament to the progress made in promoting gender equality and diversity in the workplace. Many influential women leaders in the credit union industry are carrying on the legacy of Herring and Maxwell.

One of today’s influential leaders is Gigi Hyland: Hyland is the Executive Director of the National Credit Union Foundation, which supports financial education and community development initiatives. She has been a prominent voice in the credit union industry for many years. She has served on the National Credit Union Administration (NCUA) and CUNA board.

Another of today’s credit union leaders is Caroline Willard: Willard is the President and CEO of the Cornerstone Credit Union League, the nation’s largest regional credit union trade association, serving over 700 credit unions in Arkansas, Kansas, Missouri, Oklahoma, and Texas. She is a former board member of CUNA and has been recognized for her leadership in the credit union industry.

At Electro, we're proud to have many talented and accomplished women on our team, including members of our board of directors and senior management. Diversity and inclusivity are essential to our success as a credit union. We're committed to promoting these values in all aspects of our organization.

As we celebrate Women's History Month, we encourage you to take a moment to reflect on the contributions of women in the credit union movement and in your own life. Whether you're a member of our credit union or not, we hope that you'll join us in honoring the important role that women have played in shaping our world.