Michigan Grants Charter for New Credit Union to Serve LGBTQ Community

Michigan’s regulator approved a state charter Monday for Superbia Credit Union that plans to become the first cooperative to serve LGBTQ individuals and their families nationally. 

The state charter was also the first one to be approved in more than three decades by Michigan’s Department of Insurance and Financial Services. Texas was the first state to grant a charter to the First Gay & Lesbian Credit Union in Dallas in 1988, which served 840 members and managed $525,000 in assets. FGLCU was merged out of existence in the 1990s. 

Myles Myers, founder of Superbia Services Inc. the organizational arm of the credit union, said in a prepared statement that the de-novo cooperative will improve economic equality for lesbian, gay, bisexual, transgender and queer persons by removing the risks of intolerance and discrimination in banking services that continue to plague the community in different forms. However, there are numerous credit unions and banks that have been welcoming the LGTBQ market for years.

“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 the risk of discrimination,” Myers said. “We are extremely appreciative to the Michigan DIFS for its efforts on our application and the signing of the executive order to form Superbia Credit Union.”

According to Myers, 10 million to 15 million Americans who identify as lesbian, gay, bisexual, transgender or queer hold a combined economic clout of about $1 trillion.

That Superbia decided to secure its charter in the Wolverine State is somewhat ironic when considering that Michigan law doesn’t protect the LGBTQ community from discrimination in the workplace and public accommodations, according to Michigan State Senator Jeremy Moss. 

Moss, who is a self-proclaimed passionate advocate for the LGBTQ community and supports Superbia’s mission, said, “It’s burdensome that gay and trans Michiganders must depend on private businesses to take it upon themselves to provide equal treatment to employees and consumers.”

“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,” Moss added. 

In a 2018 interview with the CU Times, Myers did not reveal specifically why he chose Michigan, only saying that he chose the state based on his research and recommendations from colleagues.

Superbia plans to attract new members around the nation through its partnership with the Center for LGBTQ Economic Advancement and Research, a San Francisco-based national association. According to its website, the organization’s mission is to empower LGBTQ households, organizations and communities with fair and equal access to financial education and services to meet the financial needs of the under-served LGBTQ communities.

In addition, to raise its national profile the credit union has recruited award-winning actor Alan Cumming, who was named honorary chair of Superbia Services Inc.

A long-time advocate for the LGBTQ community, Cumming is working with Meyers and the board to bring his experience on topics involving the community, guide community engagement and inspire members around the Superbia mission. Throughout his career, Cumming has worked on behalf of the community through organizations, including The Trevor Project and Broadway Cares/Equity Fights AIDS, and he is an ambassador for OutRight, a leading international LGBT human rights organization.

While the credit union’s goal is to open for business in 2020, it will largely depend on when Superbia will be able to secure federal deposit insurance from the NCUA.