[Superbia's is dedicated] to using its profits to fund direct benefits to its members and grants made to LGBTQ organizations and projects.
LANSING – The State of Michigan Department of Insurance and Financial Services approved the formation of Superbia Credit Union, defined as the nation's first credit union by and for the benefit of the LGBTQ community. Gov. Whitmer and State Senator Jeremy Moss attended the new organization's charter signing at the State Capital Sept. 9.
"State law doesn't protect Michigan's LGBTQ community from discrimination in the workplace and public accommodations," said Moss. "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."
According to a statement from Superbia's management, the new entity is a cause-driven not-for-profit entity owned and guided by its members, and dedicated to advancing the financial security of its members. This includes using its profits to fund direct benefits to its members and grants made to LGBTQ organizations and projects.
Myles Meyers, an openly gay financial professional in New York City, is the founder of Superbia. He said the LGBTQ community is underserved by the financial services industry, a notable gap given that the LGBTQ community has an estimated $1.7 trillion in economic buying power, according to a recent study by Community Marketing Inc.
"With the operation of Superbia Credit Union, we are unifying the community's economic strength to benefit all our members, and ensuring an experience free from discrimination," said Meyers.
TAGLINE Plans are for Suburbia Credit Union to launch virtual operations in early 2020. For more information go to superbiaservices.com.
