The first-ever credit union for the LGBTQ community is officially on its way: Superbia Credit Union. It’s an effort to help combat discrimination from other financial institutions.
Myles Meyers, creator of the credit union, explains that visibly queer people can absolutely be treated differently by banks and credit unions.
“I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem,” Meyers told Bloomberg. “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.”
Bloomberg reports that gay couples continue to face hurdles in banking, regardless of where they live. Research shows that same-sex couples are less likely to be approved for a loan, and they often pay higher rates when they are approved.
Superbia Credit Union will also offer services designed specifically for LGBTQ customers, including loans that other financial institutions don’t typically provide. For example, non-cis people could apply for loans for transition-related health care costs.
The new credit union was approved in Michigan on Monday, and it will now form a board and begin hiring executives. It plans to begin online service as early as 2020, with additional services rolling out in 2021.
“I firmly believe that the LGBTQ community of 10-15 million, can (and should) organize in ways like never before – to unify our voice, the nearly $1.7 trillion in economic power and our extraordinary resilience, to our own full benefit and advantage,” Meyers wrote on his LinkedIn.