Women of the Credit Union

     This month we are taking a different direction for Women’s History Month. The names Dora Maxwell and Louise McCarren Herring may not ring a bell with you, but they are two very important women in Credit Union History. 

     Let’s start off with learning more about Dora Maxwell. Dora started her credit union pioneering in New York state. In 1932 she was appointed head of the CUNEB branch in New York, New York. Two years later in 1934 she was a delegate to the 1934 Estes Park conference which established the Credit Union National Association (CUNA). Over the next several years she represented and promoted CUNA Mutual Insurance and represented CUNA in the eastern part of the country. She was the go-to connection for groups wanting to start a credit union and helped direct them to their corresponding state credit union leagues. In 1946 she was the director of the Organization & Education Department. Because of her accomplishments during her career, she is the namesake for the Dora Maxwell Social Responsibility Award that CUNA presents each year to credit unions for social responsibility projects in their communities. 

     Louise McCarren Herring was another influential woman in credit union history, she is even referred to as the “Mother of Credit Unions”. Louise was an attendee at the Estes Park Meeting that started CUNA along with Dora Maxwell. Louise was committed to the credit union movement and helped establish five hundred credit unions. She also helped establish the private National Deposit Guaranty Corporation, now known as American Share Insurance.  Louise also co-founded the Ohio Credit Union league and managed the KEMBA Credit Union in Cincinnati. She was later inducted into the National Cooperative Business Association’s Cooperative Hall of Fame in 1983. CUNA rewards each year the Louise Herring Award for Philosophy in Action. Which is awarded to credit unions that commit to the “not for profit but for service” philosophy. 

     There are many other important women to the credit union history, but these two helped lay the groundwork for the credit union system still standing today. All of this was done in an era that did not receive successful women with the most respect. Many of their early accomplishments were done only a few years after women were granted the simple right to vote in the USA. Credit Unions continue to lead women’s equality. According to a CUNA study in 2018, more than half of credit unions CEOs are female, which is significantly more than traditional banking CEOs. This month NorthRidge wants to thank all our wonderful women who help make the credit union great!