The first credit union prioritizing the LGBTQ community has been given the all-clear to open for business next year, after the state of Michigan approved the charter for the new financial institution on Monday.
What are the details?
Superbia Credit Union boasts on its website that it “is the first ever profit-for-purpose financial institution that exists solely to serve and advocate for the LGBTQ community across the country.”
Founder Myles Meyers explained his reasoning behind the idea to Fortune, saying, “I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem. 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.”
The charter for Superbia’s formation was approved by the State of Michigan Department of Insurance and Financial Services on Monday, and its founders will now begin “working with regulatory bodies to receive the required approvals that will make the credit union operational by early 2020,” The Oakland Press reported.
State Sen. Jeremy Moss explained to the newspaper, “State law doesn’t protect Michigan’s LGBTQ community from discrimination in the workplace and public accommodations…It’s burdensome that gay and trans Michiganders must depend on private businesses to take it upon themselves to provide equal treatment to employees and consumers.”
“Fortunately, many LGBTQ business owners and entrepreneurs have stepped up to specifically cater to the needs of our community,” Moss added,” and I’m especially excited to welcome in Superbia Credit Union to Michigan as a safe space to bank and obtain lines of credit without fear of discrimination.”
Superbia Credit Union promises to “provide access to fair, non-discriminatory products and services that care for the unique needs of the LGBTQ community, delivered with an affirming experience.” Thirty percent of the institution’s profits will go “directly to LGBTQ organizations, initiatives and community needs locally and across the country.”
Anyone in support of the institution’s mission is welcome to join.