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Michigan approves first-ever credit union for LGBT community

The Michigan Department of Insurance and Financial Services on Monday approved a charter to start the formation of Superbia Credit Union, a non-profit credit union that will specifically serve the needs of the LGBTQ community.

The story: According to Myles Meyers, founder of Superbia Services Inc., the credit union will offer services such as loans for trans people in the process of transitioning.

“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.”

“The LGBTQ community is strong and persistent,” said Meyers, according to The Oakland Press. “We’ve been working with, and will continue to work with, the community to improve economic equality by removing the risks of intolerance and discrimination in banking services that continue to plague the community in different forms. … We are extremely appreciative to the Michigan DIFS for its efforts on our application and the signing of the executive order to form Superbia Credit Union.”

Superbia Services Inc. will now start working with regulatory boards to acquire the necessary approvals and will then form a board of its own and start hiring executives. Superbia Credit Union is expected to start operating by early 2020.

All of the company’s profits will go toward funding benefits for its clients and grants for pro-LGBTQ groups.

Michigan State Senator Jeremy Moss, a Democrat, said, “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, 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.”

(photo courtesy of  TaxCredits.net)