In 1974, President Gerald Ford signed the Equal Credit Opportunity Act, which prohibited lenders from requiring a male co-signer when women apply for bank cards, mortgages or bank accounts. This landmark law was passed inside the lifetime of the 2024 50 Over 50 list, so we asked them to share what this anniversary means to them.
By Vickie Chachere, Forbes Editor
If Progress toward full gender equality in society could appear slow (and the UN has said it’s going to take one other century to succeed in that goal), but consider this: Every single one in all the 200 people on the 2024 50 Over 50 list was born right into a society where American women couldn’t apply for a bank card, mortgage or checking account with no male cosigner. That modified in 1974, when President Gerald Ford signed the Equal Credit Opportunity Act, which prohibited lenders from requiring a lady to sign a husband, father or brother when applying for a loan.
Until the law passed – introduced by legendary New York Congresswoman Bella Abzug – banks and lenders could also cancel bank cards if a lady was divorced from a wedding. They could – and did – ask wives about their contraception, often requiring so-called “baby letters” from gynecologists to verify that a lady searching for credit was using contraception. Records of public hearings and legislative proceedings within the Nineteen Sixties and early ’70s show that ladies were sometimes even asked in the event that they planned to have children when a pair included a lady’s income on their joint credit application.
The economic impact of the ECOA was far-reaching. It also prohibited discrimination on the idea of race, color, religion, national origin, sex or marital status in credit transactions. But even the progress made for the reason that passage of this groundbreaking law is incomplete: women usually tend to be denied business credit than men, although women who own their very own businesses generate more revenue than men (10 percent more over a five-year period, in response to an evaluation by the Boston Consulting Group).
We asked participants on this 12 months’s 50 Over 50 list to share their thoughts on the fiftieth anniversary of the Equal Credit Act. Some had vivid memories of their moms’ and grandmothers’ relationships with credit – and the way access to credit gave them more autonomy and helped some live with dignity after divorce or widowhood. Others had their very own clear memories of their first bank card, which was not only an indication of creditworthiness but additionally a rite of passage and a very important first step toward financial freedom.
Here is an excerpt from their messages:
Bonnie Ann Stewart
Deborah Szekely
102 | Founder, Rancho La Puerta & Golden Door
“I remember many years ago going to my then ex-husband and asking him to co-sign my credit card application. And I think it’s wonderful to see the progress that has been made and continues to be made.”
Anne Fulenwider
52 | Co-founder and CEO, Alloy
“I remember going shopping with my mom in elementary school and seeing her name on her American Express card as ‘Mrs. Michael Fulenwider’ and thinking, ‘Ugh, my mom is so old-fashioned, why can’t she just call herself Constance Fulenwider?’ I never asked her why she didn’t have her own name on her card, and it wasn’t until years later that I realized it was because she was forbidden to. … I am so proud of my financial independence and grateful for the women before me who fought for women’s rights, managed their professional and personal lives, and enabled and inspired me to follow this path.”
La June Montgomery Tabron
61 | President and CEO, W.K. Kellogg Foundation
“When I got my first credit card, I later understood why it is so important to fight for the rights of disadvantaged people and women. Credit cards can provide food security and a credit history and open the door to other opportunities that are not readily available to people without equal access.”
Alina Villasante
63 | Founder, Peace Love World
“With my first credit card, I had the freedom to make my own decisions and I had the responsibility to build my own credit. I think that was actually the first step to entrepreneurship.”
Isabel Casillas Guzman
54 | Administrator, US Small Business Administration
“A credit card is often the only source of capital available to startups. This anniversary is somewhat bittersweet as it reminds me of the many women who had to use credit cards to achieve their American dream of owning a business. In fact, women had to wait more than a decade for the Women’s Business Ownership Act of 1988, which finally paved the way for women to receive loans without the need for a male family member to co-sign. Today, women still face barriers when it comes to obtaining loans and investment capital for their businesses, with 30% of small businesses using credit cards for financing. This anniversary inspires me that more needs to be done at the SBA to provide women with the affordable, competitive financing they need to reach their full potential and impact our economy.”
Laurie Adams
54 | President and CEO, Women for Women International
“It’s appalling that in my lifetime women in the United States still needed male co-signers. But even more appalling is that in the vast majority of countries where WfWI (Women for Women International) works, male consent is required not only for bank accounts (credit cards are simply not available to most of the women we serve), but also for going to work, owning land, getting married, going to school – and that’s what we’re trying to end.”
Beezer Clarkson
52 | Co-founder and Partner, Sapphire Partners
“The ability to manage finances independently meant empowering women to control their purchasing decisions – a huge step forward towards gender equality, but also a battle that took far too long to win and, frankly, one we never needed to fight. Today, only 8-9% of LPs (limited partners) in the venture ecosystem are women; a tiny piece of the pie, but a remarkable improvement since the start of my career. This anniversary is not only a reflection of past successes, but also a call to action to continue to strive for greater representation and influence in the venture space.”
Aubrey Horde
Lisa Paulson
59 | Executive Director, Maui Hotel and Lodging Association
“I remember my mother getting her own credit card for a department store. She said it was high time women became financially independent! I remember my first credit card and being able to rent a car and travel without carrying a bunch of cash.”
Avantika Daing
52 | Founding Partner, Plum Alley
“When I came to the United States, I didn’t have much. I went to the only small bank in Wooster, Ohio – a community bank. I was working three jobs and the bank manager was amused by my persistence. He recommended that I apply for a credit card immediately, but since I came from India, where credit cards had a negative stigma attached to them as they were considered loans or for those living within their means, I opted for a debit card instead…. [The eventual decision to open a credit card] was a significant step on my journey into the world of finance and symbolized not only my adaptation to a new culture, but also my growing confidence in managing my own finances. And my understanding of the power of credit and debt.”
Silo Studio/Ajam Sali
Sandy Carter
61 | Chief Operating Officer, Unstoppable Domains; Founder, Women of Web3
“My grandmother was a real hothead and despite being only 5’11” tall, she played basketball in highschool! I still remember the stories she told me in regards to the challenges she faced before the law was passed allowing women to open a bank card in their very own name. She often talked about how she needed to depend on my grandfather for financial transactions although she was the one who managed the household funds. When she finally received her first bank card in her own name, it was a moment of empowerment and pride. It was an indication of her independence and talent to manage her own financial destiny, a right that had been unfairly denied to women for too long.”
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