Michigan has approved a charter for the nation’s first credit union designed for gay and transgender customers.
Michigan gave the go-ahead Monday to Superbia Credit Union, which brands itself as offering loans that are different from those of traditional lenders, according to Bloomberg. Myles Meyers, the founder of Superbia Financial, used loans for transgender people who need money to transition to another gender as an example.
Meyers also said the gay community can be treated differently by lenders than straight people and traditional couples.
“I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem,” he said. “If I walked into 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.”
There is also a monetary incentive for a banking institution targeting gay customers. A 2017 projection found that the combined buying power of gay, lesbian, bisexual, and transgender Americans is an estimated $987 billion.
According to Superbia Financial’s website, the credit union will be “opening its virtual doors in early 2020.”
“Superbia credit union is owned and guided by its members. An inclusive organization, anyone in support of the LGBT affirming mission is welcomed to join and become a member,” the website reads.
