LANSING, Mich.–An organization seeking to launch a credit union to serve the lesbian, gay, bisexual, transgender and queer communities has been granted a charter by Michigan’s state regulator.
It plans to award 30% of its net income to LGBTQ organizations.
The Michigan Department of Insurance and Financial Services said it has approved a charter for Superbia Credit Union, which plans to begin offering online services to the LGBTQ community by 2020.
According to the credit union’s new website, it is passionate about serving its members and providing equal opportunity for the LGBTQ community in financial services, “knowing this results in the direct advancement of community rights,” it stated. “Our families, lives and financial journeys are vast and unique. The products we need and how we are communicated with should reflect our community, using our values, as we determine.”
The credit union was organized and championed by Myles Meyers, founder of New York-based Superbia Services, Inc.
“I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem,” said Meyers in an interview with Bloomberg. “If I walked into the same institution with my husband, we can come across different responses and welcomes. And this is where it all starts to change for the community.”
Meyers told Bloomberg it’s still legal to discriminate against LGBT consumers in most U.S. states, and research shows that gay couples face hurdles in banking regardless of geography. Same-sex couples are less likely to be approved for a loan, for example, and when they are, they pay more for the financing, he added.
According to data compiled by Witeck Communications, in 2017, the combined buying power of the U.S. lesbian, gay, bisexual and transgender adult population was estimated at $987 billion.
Plans to Form Board, Hire Execs
The credit union now plans to form a board and hire executives to manage the institutions. Eventually, Meyers said Superbia Services wants to expand into products that include insurance, healthcare and wealth management specifically designed for LGBTQ consumers.
“An inclusive organization, anyone in support of the LGBTQ affirming mission is welcomed to join and become a member,” the CU stated on its website.