US to launch LGBTQ bank that will offer specialist loans for individuals who are transitioning

US to launch LGBTQ bank that will offer specialist loans for individuals who are transitioning

A credit union for the LGBTQ community, which provides loans for people who are going through the process of gender transitioning, has been given the green light by the state of Michigan.

On Monday, September 9, the Michigan state Department of Insurance and Financial Services approved a charter for the new financial institution which caters especially to the needs of LGBTQ customers.

Created by Superbia Credit Union, the online bank could now be launched as early as 2020, offering insurance claims, health care packages, and wealth management, designed for people in the LGBTQ community.

This nine-year-old knew she was born in the wrong body from when she was a young child: 

Commenting on the initiative in a recent interview with Bloomberg, the founder of Superbia Services stated:

"I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem. 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."

According to Meyers' LinkedIn profile: "Superbia is a first-in-the-world. Superbia uses a unique structure of commercial and social entities designed to unify the community, deliver banking, insurance, healthcare and other services that actively address, solve and service the needs of LGBTQ individuals, families and businesses."

Meet the mom and dad who are swapping genders together: 

Meyers adds: "As the world’s only LGBTQ profit-for-purpose provider, Superbia is here to force the needed systemic change in banking, insurance, and healthcare and install a new paradigm in funding LGBTQ social equality."

According to Bloomberg, recent research has shown that gay people face setbacks when it comes to banking and finances, which heteronormative people do not. These hurdles are irrespective of geography.

For instance, gay couples are less likely to be approved for a loan and pay more for financing when they are approved, compared with their straight counterparts.