On Monday, the state of Michigan approved a charter for Superbia Credit Union, which will offer products and services specifically designed to meet the financial needs of lesbian, gay, bisexual and transgender customers, a demographic that has an increasingly appealing buying power for financial institutions.

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“As the world’s only LGBTQ profit-for-purpose provider, Superbia is here to force the needed systemic change in banking, insurance and healthcare and install a new paradigm in funding LGBTQ social equality,” the credit union’s founder Myles Meyers announced on LinkedIn.

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“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,” Bloomberg‘s Jeff Green reported Monday.

Michigan’s decision green-lights the new LGBT-focused credit union to form a board and begin hiring executives. The financial institution plans to begin offering online services to customers in early 2020. Superbia, said Meyers, also plans to expand beyond the credit union, offering products such as health care and insurance and services like wealth management geared to meeting the needs of LGBT individuals.

Green notes that there’s an increasing financial incentive for banking services to target LGBT customers, a demographic which a 2017 study by Witeck Communications estimated to have nearly a trillion dollars in collective buying power.

(Excerpt from Daily Wire, article by James Barrett.)