America’s first LBGTI credit union cracks the nod | Fin24
 
  • Renewables

    The govt is assessing a R160bn plan to establish the world’s largest green-energy financing initiative.

  • Biggest Jump

    Oil prices have spiked after drone attacks in Saudi Arabia disrupted global supply.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.

Loading...

America’s first LBGTI credit union cracks the nod

Sep 09 2019 21:37
Jeff Green

Do lesbian, gay, bisexual and transgender people need a bank of their own? Superbia Credit Union is about to find out.

Michigan on Monday approved a charter for the new financial institution designed for LGBT customers, clearing the way for online service to begin early in 2020.

Superbia Credit Union will offer products which are often outside the scope of a more traditional lender, such as loans for transgender people in the process of transitioning, said Myles Meyers, founder of New York-based Superbia Services, which created the credit union.

“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. “If I walked in to the same institution with my husband, we can come across different responses and welcome. And this is where it all starts to change for the community.”

Large swaths of corporate America now advertise their support for LGBT rights, and hundreds of companies have signed on to support federal and state laws to give equal protection to the community. A majority of Americans say they support gay marriage.

But it’s still legal to discriminate against LGBT consumers in most US 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.

There’s a financial incentive to target LGBT customers more directly when offering banking services. The combined buying power of the US lesbian, gay, bisexual and transgender adult population was estimated at $987bn in a 2017 projection by Witeck Communications.

With the charter in place, Superbia will form a board and begin hiring executives. In addition to the credit union, Superbia Services plans to expand into products such as insurance, health care and wealth management specifically designed for LGBT customers, Myers said.

NEXT ON FIN24X

 
 
 
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What's your view on deep sea mining?

Previous results · Suggest a vote

Loading...