Happy Women’s HERstory Month!
Hey y’all,
Ladies, remember that epic moment when you could finally swipe your own credit card for the first time? Well, you can go ahead and thank the Equal Credit Opportunity Act (ECOA) of 1974.
Prior to the passing of this legislation, it was common for credit card companies and financial institutions to require women to have a male co-signer, typically a husband or father, in order to qualify for a credit card. This practice was based on the assumption that women were not financially independent and, therefore, were considered higher credit risks. Crazy right?
Not only did the ECOA prohibit discrimination on the basis of sex it also prohibited the discrimination on the basis of race, color, religion, national origin, marital status, age, or receipt of public assistance in the extension of credit. This simply meant that credit card companies could no longer deny credit to women solely based on their gender. The law aimed to promote fair lending practices and equal access to credit for all consumers.
The ECOA served as a significant milestone for women's rights in the United States, as it helped to dismantle institutional barriers that limited women's financial autonomy and independence. It allowed women to establish their own credit history, access credit cards in their own names, secure loans and financing to start business just like their male counterparts. With the help of the ECOA, women can continue to boldly trail-blaze in the world of entrepreneurship and business ownership.
As we continue celebrating women in business, we can’t forget to shout out our founder and CEO, Tiana M. Duncan. As she fearlessly leads her company to new heights despite the hurdles she faces as a woman in business, she does so gracefully. While Tiana confronts challenges like gender bias head-on, her unwavering determination and innovative spirit serves as an inspiration to women everywhere. With each obstacle she overcomes, Tiana paves the way for greater inclusivity and empowerment in business.
Let's cheer on Tiana and all women who are breaking barriers and making positive impacts in business!
Cheers,
Tiana M. Duncan,
Owner of Team Indigo Movement
