Michigan regulators have cleared a path for a much-needed financial institution designed specifically for LGBTQ+ consumers, with doors opening potentially as soon as 2020.
The nationally operating institution will be called Superbia Credit Union and will provide services often overlooked or neglected by massive banking corporations, such as loans for covering transition-related care.
Superbia isn't a bank -- it's a credit union, a type of institution that tends to be far more responsive to the needs of its community. While credit unions offer many of the same services as banks, members are considered co-owners and can vote on leadership. Credit unions tend to reinvest profits back into the community that they serve, rather than lavishing millions on executives.
Superia plans to award 30 percent of its profits to LGBTQ+ organizations. Although it hasn't yet made a commitment regarding political donations to anti-equality politicians, it's hard to imagine a credit union dedicated to LGBTQ+ consumers giving money to Republican causes.