Glo Services LLC

Spiritual Vibes! 💜🙏🏾💜

“Black Women & the Fight for Financial Freedom”

• Freedman’s Savings Bank (1865)
Created after the Civil War to help formerly enslaved people build wealth.

– Black women—farm laborers, housekeepers, and young girls—opened accounts in their own names.
– Maggie Lena Walker opened her first account here at age 8.

• Maggie Lena Walker (1903)
The first Black woman in the U.S. to charter and lead a bank: St. Luke Penny Savings Bank in Richmond, VA.

– Founded because white-owned banks refused Black customers.
– Focused on empowering Black families, especially women, through mortgages, savings programs, and youth financial education.

• Black Banking Boom (1888–1934)
Over 100 Black-owned banks and thousands of financial institutions were created to bypass systemic racism in mainstream banking.
________________________________________
The Turning Point: 1974
Despite early progress, discrimination in white-owned banks continued for decades.

• Before 1974:
Women—regardless of race—were often required to have a male co-signer to open a bank account or get a credit card.

• Equal Credit Opportunity Act (1974):
Made s*x and marital status discrimination illegal in lending.

• Expanded in 1976:
Added protections against discrimination based on race, color, and national origin — a critical step for Black women seeking fair access to financial institutions.

Have a Wonderful Day Everyone 🧡Stay Safe!