Louise McCarren Herring
Encyclopedia
Louise McCarren Herring an Ohio
native, is recognized as one of the pioneer leaders of the not-for-profit cooperative
credit union
movement in the United States
. Herring is universally regarded in the United States credit union movement as being the “Mother of Credit Unions” for her work with the movement since its earliest days.
Herring was one the attendees at the 1934 Estes Park, Colorado
meeting that established the Credit Union National Association
(better known as CUNA
). Also attending the Estes Park meeting were Edward Filene
, Claude Clark, and Dora Maxwell
. Herring’s commitment to the value of credit unions elevated her to national leader of the movement. Herring is credited with helping to establish five hundred credit unions and was an avid supporter of the dual share insurance system
, helping to establish the private National Deposit Guaranty Corporation, which is now known as American Share Insurance
(ASI).
Prior to her marriage, she served as the first paid Executive Secretary of the Ohio Credit Union League (now Ohio Credit Union System
) which she co-founded. Herring also served as the longtime manager of KEMBA (Kroger Employees Mutual Benefit Association) Credit Union in Cincinnati.
Herring was inducted into the National Cooperative Business Association
's Cooperative Hall of Fame in 1983. CUNA annually awards the Louise Herring Award for Philosophy in Action, which recognizes those credit unions which “demonstrate the exceptional effort to integrate credit union philosophy” (not for profit but for service) into the daily operations of their credit unions and recognize their commitment to superior service to their member/owners. The Ohio Credit Union System tri-annually awards the Louise McCarren Herring Lifetime Achievement Award to those individuals who have demonstrated a lifetime dedication to the advancement of the credit union movement in Ohio
.
Louise McCarren Herring died in Cincinnati, Ohio
in 1987.
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
native, is recognized as one of the pioneer leaders of the not-for-profit cooperative
Cooperative
A cooperative is a business organization owned and operated by a group of individuals for their mutual benefit...
credit union
Credit union
A credit union is a cooperative financial institution that is owned and controlled by its members and operated for the purpose of promoting thrift, providing credit at competitive rates, and providing other financial services to its members...
movement in the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. Herring is universally regarded in the United States credit union movement as being the “Mother of Credit Unions” for her work with the movement since its earliest days.
Herring was one the attendees at the 1934 Estes Park, Colorado
Estes Park, Colorado
Estes Park is a town in Larimer County, Colorado, United States. A popular summer resort and the location of the headquarters for Rocky Mountain National Park, Estes Park lies along the Big Thompson River. Estes Park had a population of 5,858 at the 2010 census...
meeting that established the Credit Union National Association
Credit Union National Association
The Credit Union National Association, commonly known as CUNA , is a national trade association for both state- and federally-chartered credit unions located in the United States. CUNA provides member credit unions with trade association services, such as lobbying, professional development, and...
(better known as CUNA
Credit Union National Association
The Credit Union National Association, commonly known as CUNA , is a national trade association for both state- and federally-chartered credit unions located in the United States. CUNA provides member credit unions with trade association services, such as lobbying, professional development, and...
). Also attending the Estes Park meeting were Edward Filene
Edward Filene
Edward Albert Filene was an American businessman, social entrepreneur and philanthropist...
, Claude Clark, and Dora Maxwell
Dora Maxwell
Dora Maxwell was an early credit union pioneer in New York state. Despite having to deal with intimidating bankers, she secured charters for hundreds of credit unions throughout the United States...
. Herring’s commitment to the value of credit unions elevated her to national leader of the movement. Herring is credited with helping to establish five hundred credit unions and was an avid supporter of the dual share insurance system
Dual chartering
Dual chartering refers to the system by which credit unions in the United States can be chartered under either of two governmental authorities; by either the federal government or by the state government...
, helping to establish the private National Deposit Guaranty Corporation, which is now known as American Share Insurance
American Share Insurance
American Share Insurance is a privately held deposit guaranty corporation that insures shares in some state chartered credit unions. ASI was established in 1974 as the National Guaranty Insurance Fund, changing its name to American Share Insurance in the early 1990s...
(ASI).
Prior to her marriage, she served as the first paid Executive Secretary of the Ohio Credit Union League (now Ohio Credit Union System
Ohio Credit Union System
The Ohio Credit Union System is an Ohio-based American trade association for credit unions. The Ohio Credit Union System is composed of the Ohio Credit Union League , the Ohio Credit Union Foundation , OCULPAC , and OCUL Services Corp., a service & solutions supplier for credit unions...
) which she co-founded. Herring also served as the longtime manager of KEMBA (Kroger Employees Mutual Benefit Association) Credit Union in Cincinnati.
Herring was inducted into the National Cooperative Business Association
National Cooperative Business Association
Founded in 1916 as the Cooperative League of America, the National Cooperative Business Association is a United States membership organization for cooperatives, businesses that are jointly-owned and democratically-controlled....
's Cooperative Hall of Fame in 1983. CUNA annually awards the Louise Herring Award for Philosophy in Action, which recognizes those credit unions which “demonstrate the exceptional effort to integrate credit union philosophy” (not for profit but for service) into the daily operations of their credit unions and recognize their commitment to superior service to their member/owners. The Ohio Credit Union System tri-annually awards the Louise McCarren Herring Lifetime Achievement Award to those individuals who have demonstrated a lifetime dedication to the advancement of the credit union movement in Ohio
Ohio
Ohio is a Midwestern state in the United States. The 34th largest state by area in the U.S.,it is the 7th‑most populous with over 11.5 million residents, containing several major American cities and seven metropolitan areas with populations of 500,000 or more.The state's capital is Columbus...
.
Louise McCarren Herring died in Cincinnati, Ohio
Cincinnati, Ohio
Cincinnati is a city in the U.S. state of Ohio. Cincinnati is the county seat of Hamilton County. Settled in 1788, the city is located to north of the Ohio River at the Ohio-Kentucky border, near Indiana. The population within city limits is 296,943 according to the 2010 census, making it Ohio's...
in 1987.