March is Women’s Month—a time to celebrate the invaluable contributions of women across all sectors and to reflect on how we can continue to uplift, mentor, and empower future generations of women leaders. In the credit union industry, women have been instrumental in fostering community-focused financial services.
Women in Credit Union Leadership: The Current Landscape
Women constitute a significant portion of the credit union workforce, with estimates indicating that approximately 70% of employees are female. Encouragingly, as of 2022, 51.2% of credit union CEOs were women, a stark contrast to the banking sector, where only about 4% of CEOs were women.
However, a deeper look reveals disparities based on asset size:
Smaller Credit Unions: Over 70% of credit unions with less than $20 million in assets are led by women.
Larger Credit Unions: In 2022, only 19.6% of credit unions with assets exceeding $1 billion had female CEOs, though this was an increase from 15% in 2018.
This data underscores the need for continued efforts to support and promote women into leadership positions, especially within larger institutions.
Support: Creating Equitable Opportunities
Supporting women in the credit union movement involves more than acknowledgment; it requires actionable steps to ensure equitable opportunities for advancement. The 8th Cooperative Principle is Diversity, Equity, and Inclusion (DEI). It states that cooperatives should lead the way in building communities that are more inclusive, equitable, and diverse.
Actionable Steps:
Advocate for Diverse Leadership: Ensure that hiring and promotion practices actively seek to include qualified women, particularly for executive roles in larger credit unions.
Implement Inclusive Policies: Develop organizational policies that address systemic barriers to advancement, such as mentorship programs and leadership training tailored for women.
Foster a Supportive Culture: Cultivate an environment where women's contributions are recognized and valued, encouraging open dialogue about career development and aspirations.
Mentor: Building the Next Generation of Leaders
Mentorship plays a pivotal role in career development, offering guidance, support, and opportunities for growth.
Actionable Steps:
Establish Formal Mentorship Programs: Pair emerging female leaders with experienced mentors to provide guidance and support.
Encourage Participation in Leadership Networks: Support involvement in organizations like the Global Women's Leadership Network, which addresses leadership gaps and promotes gender diversity in credit unions.
Highlight Success Stories: Share narratives of women who have advanced within the credit union movement to inspire and motivate others.
Leverage: Championing Women's Achievements
Recognizing and celebrating the accomplishments of women in the credit union industry not only honors their contributions but also sets a precedent for future generations.
Spotlight on America's Credit Union Museum's HERstory Initiative:
America's Credit Union Museum has established the "Credit Union Women Making History: HERstory" exhibit to honor women who have significantly impacted the credit union movement. The 2024 inductees include:
Donna Bland: President and CEO of Golden 1 Credit Union, California.
Crystal Long: President and CEO of GECU, Texas.
Judy McCartney: Retired President and CEO of Orange County’s Credit Union, California.
Tansley Stearns: President and CEO of Community Financial Credit Union, Michigan.
Joanne Todd: President of Northeast Family Federal Credit Union, Connecticut.
Patsy Van Ouwerkerk: Retired President and CEO of Travis Credit Union, California.
Caroline Willard: President and CEO of Cornerstone League.
This initiative not only celebrates these leaders but also preserves their stories to inspire future generations.
Actionable Steps:
Nominate Women for Recognition: Actively participate in recognizing women's achievements through awards and public acknowledgments.
Promote Women's Contributions: Share stories of women's successes within your organization and the broader credit union community.
Encourage Board Diversity: Advocate for gender diversity on boards and in leadership positions to reflect the membership base and enhance decision-making.
The Call to Action: Support, Mentor, Leverage – Repeat!
While progress has been made, the journey toward gender parity in credit union leadership continues. By committing to support, mentor, and leverage women within our organizations, we honor their contributions and strengthen the entire credit union movement.
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