By Amanda Taylor
In 1974, a landmark piece of legislation changed the financial landscape for American women. The Equal Credit Opportunity Act made it illegal for banks to discriminate based on gender or marital status. But the law was just the beginning. Decades of ingrained practices and attitudes wouldn’t disappear overnight.
Enter B. LaRae Orullian, a woman who would help reshape banking from the inside out.
The Woman Who Built a Bank for Women
In 1975, Orullian, already a seasoned banker, became part of a groundbreaking venture: The Women’s Bank of Denver. Opening its doors in 1978, it was only the second women’s bank in the country to receive a national charter. This wasn’t just a financial institution. It was a revolution in banking culture. For the first time, many women could walk into a bank and feel truly seen and heard. The Women’s Bank focused on:
- Providing loans based on merit, not gender stereotypes
- Offering financial education workshops
- Creating a networking space for women entrepreneurs
The impact was immediate and profound. In its first 12 weeks, the bank took in $12 million in deposits – a clear sign of pent-up demand for women-focused financial services.
Orullian, serving as the bank’s founding president and CEO until 1997, became a symbol of what women could achieve in finance. Her career path – from bank messenger girl to CEO – demonstrated the power of determination and education in breaking barriers.
Today, women’s participation in finance has grown tremendously. Yet challenges remain.
The Confidence Gap
Despite progress, women still face a stark financial confidence gap. They are nearly twice as likely as men to describe their investing knowledge as “non-existent,” with only 33% seeing themselves as investors and just 42% expressing confidence in their ability to save for future milestones. This hesitation leads many women to defer investment and major financial decisions to their partners, even while successfully managing day-to-day household finances. The gap isn’t reflective of ability – studies consistently show women investors often outperform men – but rather stems from systemic barriers and societal messaging about women and money. Breaking this pattern requires both individual mindset shifts and broader cultural changes in how we discuss and approach women’s relationship with wealth building.
Time Constraints: The Hidden Barrier
The challenge of balancing multiple responsibilities creates a significant barrier to financial engagement for many women. With women still shouldering the majority of household and caregiving duties while building careers, finding time for financial planning can feel impossible. This time squeeze often leads to postponed investment decisions and delayed retirement planning. The solution lies not just in better time management, but in creating more accessible financial education and planning tools that work within women’s complex schedules and responsibilities.
Persistent Stereotypes in Financial Services
Despite progress, the financial services industry still often operates on outdated assumptions about women investors. Many financial advisors continue to make presumptions about women’s risk tolerance, defaulting to more conservative investment strategies without proper consultation. They might speak primarily to male partners in meetings or use condescending language when explaining financial concepts to women. These stereotypes can have real financial consequences, potentially leading to lower returns and missed investment opportunities. Changing this dynamic requires both systemic changes within the industry and empowering women with the knowledge to advocate for themselves in financial discussions.
Orullian’s work reminds us that access is just the first step. True financial empowerment comes when women not only have accounts and credit cards but also the confidence and knowledge to make their money work for them.
As we celebrate the progress made, let’s also recognize the work still to be done. Financial literacy programs, mentorship, and continued vigilance against subtle forms of discrimination are all crucial in ensuring that every woman can write her own financial story.
The legacy of pioneers like Orullian isn’t just in the banks they built, but in the doors they opened for generations of women to come.
Let’s Rewrite the Narrative
This International Women’s Day, I’m not asking you to “lean in” or “break the glass ceiling.” Let’s dig deeper. Let’s heal the stories buried in our bones—the ones that whisper, “Money isn’t for you.”
Here’s How We Start:
1. Join the Investing 101 Course:
Picture this: You’re sitting at your kitchen table, laptop open. A video plays. No suits, no jargon—just a roadmap. You learn to turn business profits into a portfolio that mirrors your values (think renewable energy or women-led startups). You discover how to invest $100 without fear. By Week 3, you’re rolling your eyes at Wall Street bros. This is power.
2. Step Into the Expand Your Empire Community:
Imagine a collaborative community of women, learning together and encouraging one another. A single mom in Milwaukee shares her first $500 gain. A restaurateur in Lagos troubleshoots profit margins. You’re not just learning; you’re leading. This is the legacy of Women’s Bank—not a building, but a belief that we rise together.
P.S. Still hesitating? Ask yourself: What would the woman in that 1965 bank say if she saw you now?
