Superbia Credit Union in Michigan is about to find out if lesbian, gay, bisexual and transgender people need a bank of their own that caters to their own “special needs”:
Michigan on Monday approved a charter for the new financial institution designed for LGBTQ customers, clearing the way for online service to begin early in 2020.
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, said Myles Meyers, founder of New York-based Superbia Services Inc., which created the credit union.
“I can walk into a bank or credit union and apply for a loan or credit card or savings accounts and frankly, no problem,” said Meyers. “If I walked in to 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.”
Large swaths of corporate America now advertise their support for LGBTQ rights, and hundreds of companies have signed on to support federal and state laws to give equal protection to the community. A majority of Americans say they support gay marriage.
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.
There’s a financial incentive to target LGBTQ customers more directly when offering banking services. The combined buying power of the U.S. lesbian, gay, bisexual and transgender adult population was estimated at $987 billion in a 2017 projection by Witeck Communications.
So-called gay “marriages” are statistically very short-lived, especially among gay men, which would make loans to them very high risk, a very logical reason traditional banks would be hesitant to extend large credit lines to them. And men who want to undergo surgical operations to remove their genitals and make them into fake women are by any rational and humane standard mentally ill, and banks will quickly go out of business loaning money to mental patients.
After all, the whole purpose of an application for a bank loan is to “discriminate” against those people who are more than likely to not pay back the loan, and without the legal ability to “discriminate,” loan applications should be done away with altogether, and banks can just hand out free money to those with the highest “social justice” credit scores. It’s already being done in China.