This week we celebrate the 50th anniversary of the passage of the Equal Credit Opportunity Act. Prior to the ECOA women had to have a male cosigner on loans and credit card applications. Usually a father or husband co-signed.
My mother worked full time for many years before she was eligible for her own credit card. My dad had to co-sign and women could not get home loans without a co-signer.
This is something to think about this election season. I don’t think the ECOA will be reversed because banks make too much money off of women but we know that women can lose rights and the ERA (Equal Rights Act – a proposed amendment to the U.S. Constitution that would explicitly prohibit sex discrimination. It would guarantee that all citizens have equal rights under the law, regardless of their sex.It would guarantee that all citizens have equal rights under the law, regardless of their sex.) still hasn’t passed.
Fifty years isn’t all that long ago. No we won’t go back.