SEATTLE—A credit union designed specifically to serve the LGBTQ community has signed a letter of intent with an established credit union for a partnership, after also being courted by a federal credit union seeking to appeal to the LGBTQ community on a national level.
But the name of the established credit union has not yet been released, according to the Puget Sound Business Journal.
For more than a year organizers of Equality Washington have been working to get the credit union launched, before signing the recent agreement, which includes a non-disclosure agreement, according to the Business Journal. That agreement calls for the established credit union to assist with regulatory issues and backoffice support.
The Business Journal reported that Equality Washington had also been approached by a federal credit union that’s offering to do the same thing on a national scale, but it has opted to focus locally, at least initially. The goal is to open by year-end. “Our vision is to start it in the fastest-growing city, this kind of hotbed of liberalism and progressiveness. Because if it can’t happen here, and it should, then it is going to struggle anywhere else,” Equality President Phillip Endicott told the Business Journal.