SoFi to Award a Total of $500,000 to 50 People
Working to Improve Women’s Financial Independence and Inspire All
to Achieve Their Financial Ambitions
In honor of the 50th anniversary of the Equal Credit Opportunity
Act (ECOA), SoFi (NASDAQ: SOFI), the one-stop shop for digital
personal financial services, has teamed up with tennis champion,
entrepreneur and author Venus Williams and Los Angeles Sparks
forward Cameron Brink to launch the Give Her Credit campaign. With
this national initiative, SoFi will begin accepting submissions to
award $500,000 to 50 people (each receiving $10,000) to help
further advance women’s financial independence and help inspire
their financial ambitions.
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the full release here:
https://www.businesswire.com/news/home/20241015124751/en/
SoFi Partners with Venus Williams and
Cameron Brink to Launch the ‘Give Her Credit’ Campaign in Honor of
the 50th Anniversary of the Equal Credit Opportunity Act. (Photo:
Business Wire)
Before the ECOA, banks could restrict women from getting loans,
credit cards, as well as access to other credit based financial
products without a male co-signer. But today, thanks in large part
to this law, 90% of women either manage or share household
financial decisions with their partner,1 and single women own more
homes than single men.2 SoFi, along with Venus Williams and Cameron
Brink, will commemorate the accomplishments made in women’s
financial independence since the passage of the ECOA and recognize
how much work is left to achieve true financial equality.
When this groundbreaking law was signed on October 28, 1974 and
eventually expanded to other historically marginalized groups, it
dramatically reshaped people’s financial autonomy, making it
illegal to deny credit mainly based on gender, marital status, or
race. The ECOA prevented financial institutions from discriminating
against over half of the U.S. population, effectively opening the
door for more women to take control of their personal finances and
pursue their ambitions with newfound financial independence.
“At an early age, I had clear ambitions and drive to be the
best, with the discipline and determination to win, but soon
learned of the inequalities and imbalances I would have to face to
succeed,” said Venus Williams, who will serve as a judge for the
‘Give Her Credit’ campaign. “I am very proud to partner with SoFi
to help identify people who are helping women across the country to
reach their financial independence. This campaign is about more
than just celebrating progress – it’s about creating real
opportunities for financial independence that empower the next
generation of women to dream big and win.”
Cameron Brink, SoFi’s newest brand athlete added, “Partnering
with SoFi on the 50th anniversary of the ECOA through the Give Her
Credit campaign is deeply personal to me. As a female athlete, I’ve
seen firsthand how vital financial independence is to women’s
progress, and it’s been a key part of the conversations I’ve had to
navigate my own career. Just fifty years ago, women like me
wouldn’t have had access to credit or the opportunities I have
today. While we've come a long way, there's still work to do. This
campaign isn’t just about celebrating progress—it’s about ensuring
the next generation of women have the financial tools and
confidence to take control of their futures.”
While significant progress has been made over the last five
decades, the financial gap for women persists. According to a
recent SoFi survey, 77% of female SoFi members believe they can
accomplish any financial goal they set,3 yet, only 51% of women
reported feeling confident managing their finances. Even more
concerning, for the first time in 20 years, the U.S. Census
recorded a 'statistically significant' decline in the ratio of
female-to-male earnings — with women working full-time earning on
average just 83 cents for every dollar paid to a man in 2023, a
slight dip from the 84 cents marked in the agency's 2022 report.4
Studies also show that women often receive lower credit limits than
men,5 face higher interest rates,6 and are less likely to secure
lower APRs when requested.7
“As we celebrate the 50th anniversary of the ECOA, we reflect on
a pivotal milestone that has transformed the financial landscape
for women,” says Liz Young Thomas, Head of Investment Strategy at
SoFi. “The ECOA was a significant milestone in protecting women’s
ability to independently access credit, ultimately paving the way
for greater financial independence. At SoFi, we recognize the
importance of continuing this legacy, and I’m proud that through
our Give Her Credit initiative, we’ll support efforts to further
advance women’s financial independence. SoFi remains committed to
driving progress and ensuring that every woman has the opportunity
to build a secure financial future.”
How to Enter the Give Her Credit Campaign:
- Open call for entries:
- Submissions must be entered at www.SoFi.com/givehercredit
starting on October 15, 2024, and ending on November 13, 2024, at
11:59 pm PT.
- $10k Winners will be notified in early December, 2024, with the
official announcement taking place in January 2025.
- Submission requirements:
- Individuals will be asked to outline a project supporting
women’s financial independence.
- These projects can be existing efforts or new initiatives
inspired by the award.
- Submissions will be judged on their potential impact, ability
to inspire others, rationale for success, and the clear use of
funds.
- Eligibility:
- Entrants must be 18+ and legal residents of the United
States.
To learn more about SoFi’s Give Her Credit campaign, full entry
details, eligibility, and terms and conditions, please visit
SoFi.com/givehercredit.
About SoFi
SoFi (NASDAQ: SOFI) is a member-centric, one-stop shop for
digital financial services on a mission to help people achieve
financial independence to realize their ambitions. The company's
full suite of financial products and services helps its more than
7.5 million SoFi members borrow, save, spend, invest, and protect
their money better by giving them fast access to the tools they
need to get their money right, all in one app. SoFi also equips
members with the resources they need to get ahead – like, financial
planners, exclusive experiences and events, and a thriving
community – on their path to financial independence.
SoFi innovates across three business segments: Lending,
Financial Services – which includes SoFi Checking and Savings, SoFi
Invest, SoFi Credit Card, and SoFi Relay – and Technology Platform,
which offers the only end-to-end vertically integrated financial
technology stack servicing 150 million users across the world. SoFi
Bank, N.A., an affiliate of SoFi, is a nationally chartered bank,
regulated by the OCC and FDIC and SoFi is a bank holding company
regulated by the Federal Reserve. The company is also the naming
rights partner of SoFi Stadium, home of the Los Angeles Chargers
and the Los Angeles Rams. For more information, visit SoFi.com or
download our iOS and Android apps.
1 GOBankingRates - What Is the State of Women & Money in
2024? 2 Pew Research - Single women own more homes than single men
in the U.S., but that edge is narrowing 3 SoFi Study: Women &
Financial Accomplishments (August - September, 2024) 4 Institute of
Women’s Policy Research - National Gender Wage Gap Widens
Significantly in 2023 for the First Time in 20 Years! 5 Federal
Reserve Bank Philadelphia - Decomposing Gender Differences in
Bankcard Credit Limits 6 American Progress - The Economic,
Educational, and Health-Related Costs of Being a Woman 7 Lending
Tree - Despite Federal Reserve Rate Hikes, 76% of Lower Credit Card
APR Requests Were Granted in Past Year
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