So Money with Farnoosh Torabi 1814: The Untold Fight for Women’s Financial Freedom
Apr 16, 2025
Grace L. Williams, a financial journalist and author, shares the inspiring tale behind the Women’s Bank of Denver, the first women-owned bank in the U.S. Founded in 1978, it emerged from a time when women faced significant financial discrimination. Grace discusses the diverse personalities of the founders, their collaborative spirit, and how they successfully pooled resources to create the bank. She reveals impactful stories of women whose lives changed thanks to access to credit and reflects on the bank's legacy in paving the way for women in finance.
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Financial Discrimination Was Recent
- In the 1970s many women were denied credit purely because of their gender, not creditworthiness.
- The Women's Bank of Denver turned that systemic discrimination into a model of financial empowerment.
A Living Room Sparked A Bank
- Carol Green convened founders in her living room and gathered a diverse group to explore a women-focused bank.
- They pooled resources and sought practical advice from a male banker to learn how to build the institution.
Law Existed, Practice Lagged
- The Equal Credit Opportunity Act existed but banks often ignored it in practice.
- The founders chose to build an alternative rather than wait for institutions to follow the law.