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Summit Credit Union Launches ‘equity In Money’ Initiative

March 13, 2023 Cooperative’s multi-faceted plan aims to improve financial well-being of womenMADISON, WI) — As the nation prepares to honor Equal Pay Day March 14, Summit Credit Union announced its financial wellness initiative  , which focuses on solutions for pay inequities between men and women.Summit said it wants to inspire progress for equal pay in Wisconsin, where women earn 80 cents for every $1 earned by men. At the current rate, women in Wisconsin will not reach equal pay status until 2067.The credit union started the conversation with advertising and will continue it with an ongoing Pay Equity Dashboard on Summit’s website that will transparently track the cooperative’s record on pay equity. Later this year, the credit union will debut loan programs and scholarships for women.“At Summit we are committed to helping to close the wealth gap between women and men because it is good for our members and for our communities. The pay gap makes it more difficult for women to save and can also create higher debt, which can lead to poverty for women, especially in retirement,” said Kim Sponem, CEO & President. Sponem published a column March 12 on her initiative in the  .Women age 65 or older are about   more likely than men to live on an income below the poverty level. And about   of the elderly poor are women, according to the U.S.  .Pay inequity leads to more than $500 billion in lost earning power annually for women, according to data from the U.S. Bureau of Labor Statistics.Summit’s research showed not only the need for pay parity for women and men in similar positions, but also a need for increased representation in leadership jobs. There are not enough women getting promotions or breaking into higher-paid jobs and fields and that slows efforts to close the overall pay gap.“As a leading financial institution in Wisconsin we want to inspire a conversation about pay equity and representation gaps in our industry and our communities,” Sponem said. “Summit is committed to ensuring fair pay for similar work for all our colleagues, while recognizing performance and experience levels. Helping women get into higher level positions within companies and boards will help reduce the pay gap as well.” You might also be interested in COTTAGE GROVE, WI – Summit Credit Union, headquartered in the Village of Cottage Grove, has pledged a $100,000 grant to “The Next Chapter” Library Capital... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, announced today that it is recognized, for the second consecutive year, as... SCOTTSDALE, Ariz., Dec. 31, 2024 /PRNewswire/ -- , a leading management and technology consultancy for banks, credit unions and fintech firms, has announced... Madison, Wisc. - StartingBlock Madison, the city's premier hub for startups and innovation, is proud to announce a continuing partnership with Summit Credit... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, hosted its annual ShredFest on September 28. Held in partnership with the Better... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, has been awarded on the Forbes list of America’s Best-In-State Credit Unions... Madison, Wisc. – Summit Credit Union, a member-owned financial cooperative, is again the top mortgage lender in the state of Wisconsin, according to data... MADISON, WIS. — May 28, 2024 – Since its announcement in 2020, The Center for Black Excellence and Culture (The Center) has encouraged Madison’s Black... MADISON, Wis. — Hannah Echols of Milwaukee, has just been revealed as the winner of Summit Credit Union’s Project Money Season 15. Along with three other...
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* The Wisconsin's #1 Mortgage Lender designation is based on the number of loans in 2023, gathered from the Home Mortgage Disclosure Act data compiled annually by the Consumer Financial Protection Bureau. The results of the data were obtained through the LEI: 254900NTAC4H10MGSU23 ** SBA Lender of the Year Award for Credit Unions as awarded by the Small Business Administration of Wisconsin in 2024. Copyright 2025 © Summit Credit Union. All rights reserved. If you are using a screen reader and are having problems using this website, please call 608-243-5000 for assistance. Insured by NCUA