Like many groups, of course, LGBTQ people have a diverse range of financial service needs, but Endicott pointed out gay-owned businesses have faced challenges with trying to obtain loans from traditional banks.

"Business people, myself included, who started five small businesses, have struggled getting small loans from traditional financial institutions," he said. "We have received enough anecdotes from enough people who have had challenges and difficulties to get loans from banks but have received personal loans from individuals and have built very successful businesses."

What's more, an online survey of 1,401 LGBT Americans conducted by Prudential in 2013 found that despite some outreach by the financial services industry to the LGBT community, respondents ranked the industry's attention to their financial needs as low.

"In write-in questions, many participants state that financial institutions do not have the expertise to address the complex financial concerns of same-sex couples and LGBT parents," the survey found. Survey respondents are also concerned about Social Security or pension survivor benefits for same-sex couples, legislation that negatively affect LGBT financial rights and tax treatments of same-sex couples.

Endicott said the Equality Washington committee determined there was a need for a LGBTQ cooperative that he hopes will not only serve Seattle and the state of Washington but eventually, the entire nation.

Read more: Credit unions support the effort …

Credit union leaders are supporting Equality Washington initiative.

Jim Morrell, president/CEO of the $148 million Peninsula Community Federal Credit Union in Shelton, Wash., thinks there is a need for an LGBTQ credit union though he is not involved in the formation of Equality CU.

"I am supportive of any organization's efforts to form a financial services institution, particularly a cooperative financial institution, around a common purpose such as what Equality Credit Union is trying to accomplish," he said.

Sarah Canepa Bang, president/COO of FSCC LLC and chief strategy officer for shared branching at CO-OP Financial Services in Rancho Cucamonga, Calif., said forming a credit union is a very difficult process and that the Washington Equality group has a lot of work ahead of them.

She said she met with the group's members about a month ago and provides them with advice and guidance. In her previous jobs at state leagues, Bang had been involved in helping groups develop credit unions.

"I'll never forget in my league days, I would get a call from a group, meet with them and I would never hear from them again," she said. "These guys (Equality Washington) are practically calling every day. They are persistent and passionate. I have never met a group that was so committed."

Endicott said Equality Washington is getting advice and guidance from other credit union professionals and other organizations such as the SBA. If its state-charter is approved, Equality CU would be the first cooperative to serve LGBTQ persons, he noted. The NCUA is not aware of any credit union that was established to serve the gay community, said John Fairbanks, NCUA public affairs specialist.

The growing LGBTQ community in Seattle may help support the credit union's operations. Washington Equality said there are more than 270,000 LGBTQ people who live throughout the Greater Seattle metro region. The Seattle Times reported the 2010 U.S. Census showed the number of same sex couples in Seattle has been expanding.

In Seattle's five Capitol Hill neighborhoods, there were 609 same-sex couples, according to the 2000 U.S. Census data. That number grew to 747 same-sex couples and 26 of those couples were raising children, the 2010 U.S. Census showed. In total, one out of 18 couples in Seattle is same sex, the newspaper reported.

Meanwhile, Endicott said his group is working to meet the requirements of a state charter application with Washington's Department of Financial Institutions. Linda K. Jekel, DFI's director of credit unions, said she met with Endicott and three other individuals from his group in early July.

"We discussed what is required to start a credit union and answered their questions," Jekel said. "We have had several phone conversations but we do not have an application from Equality. I am excited to work with the Equality Washington group and look forward to the possibility of the first new Washington state chartered credit union in 10 years."

The last cooperative approved for a Washington state charter was the TULIP Cooperative Credit Union in Olympia in 2003, Jekel said. The cooperative currently manages nearly $3 million in assets and serves 1,190 members.

The state's DFI considers four basic factors when evaluating a new charter application: economic feasibility, sufficient donations, satisfactory management experience and mentoring and partnership relationships, according to Jekel. Additionally, the DFI also would review the credit union's operations to ensure compliance with state and federal laws.

Jekel also said Equality Washington has contacted NCUA about applying for federal deposit insurance for a new credit union.

Endicott said his committee is in negotiations with several entities that would play supportive roles, including financial support, to help with the formation and establishment of the new credit union. Announcements may be forthcoming over the next few weeks.

Until then, the Prudential survey uncovered what may be other opportunities for financial institutions to serve LGBT consumers. For instance, the top financial concern in the LGBT community is whether they will have enough money to live on when they retire. Many of the survey respondents said they need help with financial and estate planning as well as financial education. The median household income of the survey's participants was $61,500 compared to $50,000 for the average American household.

Prudential's online survey also revealed the number of LGBT parents is expected to increase significantly starting with Generation Y. Among the Millennial survey respondents, 11% already have children and an additional 48% said they plan to have children.