The first credit union specifically tailored to LGBTQ customers to open in 2020

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09/10/2019

The state of Michigan has just approved a new credit union specifically tailored to LGBTQ customers. Superbia Credit Union will be opening its virtual doors in 2020 and it will be the first ever Profit-for-Purpose financial institution. Owned and guided by its members it will be an inclusive exists solely to serve and advocate for the LGBTQ community across the country. Superbia is aimed at providing loans for trans people seeking money for transitioning costs to LGBTQ focused business and community projects. US research this year found same-sex couples were 73% more likely than heterosexual couples to be turned down for a mortgage, and those who were approved were lumped with higher interest rates than normal – even though they were less likely to default on their loans. In recent years it has been fashionable for businesses to adopt the Pride flag, but there are concerns that this can amount to “queerwashing” – a commercially oriented branding decision, rather than a commitment to real change.

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