First Ever LGBT Credit Union Approved in Michigan

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The Michigan Department of Insurance and Financial Services approved a request by a company that hopes to offer the first-ever credit union for gay people.

“Michigan on Monday approved a charter for the new financial institution designed for LGBT customers, clearing the way for online service to begin early in 2020,” Bloomberg has confirmed.

“Superbia Credit Union will offer products which are often outside the scope of a more traditional lender, such as loans for transgender people in the process of transitioning.”

There aren’t very many gays. If they’re not all in Michigan, it’s hard to imagine why it’s needed.

Sen. Jeremy Moss, a Democrat, has the answer.

“State law doesn’t protect Michigan’s LGBTQ community from discrimination in the workplace and public accommodations,” he said in a statement to The Oakland Press. “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.”

That doesn’t sound legit. This seems like just another opportunity to make victims out of people and exploit them when needed.

However, according to Fortune, But it’s still legal to discriminate against LGBTQ consumers in most U.S. states, and research shows that gay couples face hurdles in banking regardless of geography. Same-sex couples are less likely to be approved for a loan, for example, and when they are, they pay more for the financing.

That’s hard to believe because many banks now advertise that they specialize in the needs of LGBT people.

We should all put our money in it in any case. It will be the safest bank in the world.