Page 24 - Michigan Credit Union League: 2016 Contact Q4

CREDIT UNION TIME CAPSULE

How a Feminist
Credit Union Paved
the Way for Women’s

Financial Independence

By Jenna Lennon

“People helping people.” It’s a phrase we hear throughout the credit union
movement regularly—but what about “women helping women”? That’s what
one credit union sought to do in 1973.

On August 25, 1973, Feminist Federal Credit Union opened its doors, branded
as a place “for women, by women.” Unable to get loans in their own name,
a group of amazing women pooled their resources so that women who

were saving money could lend it to those who were in need.

“All of us were active in the women’s movement at the time, and there
were a number of women in organizations...we all knew each other,”
said Joanne Parrent, one of the founders of Feminist FCU. “At that time,
women couldn’t get credit in their own name. It didn’t matter how
much she earned, it didn’t matter that she had her own income and
was successful, she would still have to get her father or her brother
to cosign for her. That made us upset.”

“There were people trying to change the laws, but in the meantime
we thought, women aren’t able to get loans, so we started a credit
union,” continued Parrent. “We applied for the federal charter,
and we did all the things we needed to do, we got the charter.
People started signing up and we grew very quickly.”

Coincidentally, Feminist FCU opened its doors on the 53rd
anniversary of women’s suffrage and the passing of the 19th
Amendment. In the first week, 75 women opened savings

accounts totaling more than $16,000 in deposits. The first
loans given were for a motorcycle, a kiln, college tuition
and divorce attorney fees.

24 Fourth Quarter 2016 I Contact