In efforts to help fight discrimination from financial institutions, a new credit union for the LGBTQ community has been approved in Michigan.
As per Bloomberg, the city approved the charter for the new financial institute on Monday (September 16). Myles Meyers, founder of New York-based Superbia Services Inc., revealed that Superbia Credit Union will offer loans that banks and other credit unions do not provide like funds for transition related health care costs for the transgender community. The credit union is currently eligible to form a board and begin hiring executives. It's scheduled to launch in 2020, with additional services in 2021. "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."
It's still legal to discriminate against LGBTQ consumers, but in the chance that same-sex couples do obtain a loan, research has shown they are made to pay higher rates once they are approved.
"I am pleased that Superbia, as a newly state-chartered credit union, is part of the exciting growth of Michigan’s financial services industry," Michigan Department of Insurance and Financial Services Director Anita G. Fox said in a press release. "Providing financial access is fundamental for the opportunity, security, and success of all Michigan residents. I applaud Superbia’s commitment to provide services to the LGBTQ community."
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