Michigan approves LGBT credit union's charter

Michigan approves LGBT credit union's charter
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Michigan on Monday approved the charter for a credit union created to serve the LGBT community, Bloomberg reports.

The financial institution, Superbia, said on its website that it will open its "virtual doors" in early 2020.

While it brands itself as serving and advocating for the LGBT community, Superbia said all customers are welcome to become members.

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Founder Myles Meyers told Bloomberg that Superbia will offer traditional services, as well as ones more tailored to the LGBT community, including loans for transgender people in the process of transitioning. 

Meyers said with the charter now in place, Superbia is looking to expand into other services such as insurance, health care and wealth management specifically designed for LGBT customers. 

He said Superbia will help members of the LGBT community feel more welcome, while other banks may not be as accepting. 

“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.”

While it's illegal to discriminate against LGBT consumers in most states, Bloomberg reports many same-sex couples are less likely to be approved for a loan, and if they are pay more for the financing.