{"id":6390,"date":"2024-11-05T08:22:34","date_gmt":"2024-11-05T08:22:34","guid":{"rendered":"https:\/\/africanamericanvoice.net\/?p=6390"},"modified":"2024-11-07T08:25:50","modified_gmt":"2024-11-07T08:25:50","slug":"bprw-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","status":"publish","type":"post","link":"https:\/\/africanamericanvoice.net\/?p=6390","title":{"rendered":"(BPRW) SoFi Partners with Venus Williams and Cameron Brink to Launch the \u2018Give Her Credit\u2019 Campaign in Honor of the 50th Anniversary of the Equal Credit Opportunity Act"},"content":{"rendered":"

(Black PR Wire)\u00a0SAN FRANCISCO \u2013\u00a0<\/strong>In honor of the 50th anniversary of the Equal Credit Opportunity Act (ECOA),\u00a0SoFi<\/a>\u00a0(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\u00a0Give Her Credit campaign<\/a>. 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\u2019s financial independence and help inspire their financial ambitions.<\/p>\n

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\u00a0and single women own more homes than single men.2\u00a0SoFi, along with Venus Williams and Cameron Brink, will commemorate the accomplishments made in women\u2019s financial independence since the passage of the ECOA and recognize how much work is left to achieve true financial equality.<\/p>\n

When this groundbreaking law was signed on October 28, 1974 and eventually expanded to other historically marginalized groups, it dramatically reshaped people\u2019s 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.<\/p>\n

\u201cAt 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,\u201d said Venus Williams, who will serve as a judge for the \u2018Give Her Credit\u2019 campaign. \u201cI 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 \u2013 it\u2019s about creating real opportunities for financial independence that empower the next generation of women to dream big and win.\u201d<\/p>\n

Cameron Brink, SoFi\u2019s newest brand athlete added, \u201cPartnering 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\u2019ve seen firsthand how vital financial independence is to women\u2019s progress, and it\u2019s been a key part of the conversations I\u2019ve had to navigate my own career. Just fifty years ago, women like me wouldn\u2019t have had access to credit or the opportunities I have today. While we\u2019ve come a long way, there\u2019s still work to do. This campaign isn\u2019t just about celebrating progress\u2014it\u2019s about ensuring the next generation of women have the financial tools and confidence to take control of their futures.\u201d<\/p>\n

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\u00a0yet, 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 \u2018statistically significant\u2019 decline in the ratio of female-to-male earnings \u2014 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\u2019s 2022 report.4\u00a0Studies also show that women often receive lower credit limits than men,5\u00a0face higher interest rates,6\u00a0and are less likely to secure lower APRs when requested.7<\/p>\n

\u201cAs we celebrate the 50th anniversary of the ECOA, we reflect on a pivotal milestone that has transformed the financial landscape for women,\u201d says Liz Young Thomas, Head of Investment Strategy at SoFi. \u201cThe ECOA was a significant milestone in protecting women\u2019s 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\u2019m proud that through our Give Her Credit initiative, we\u2019ll support efforts to further advance women\u2019s financial independence. SoFi remains committed to driving progress and ensuring that every woman has the opportunity to build a secure financial future.\u201d<\/p>\n

How to Enter the Give Her Credit Campaign:<\/strong><\/p>\n