Lesbian, gay, bisexual and transgender people in Michigan will soon have their own credit union. 

A new institution slated to open in early 2020 called Superbia Credit Union has been approved to operate a "virtual credit union" in Michigan by the state's Department of Insurance and Financial Services. The group's founder said there are no plans initially for physical locations, but he expressed confidence the new institution would have enough resources to consider the possibility of opening physical locations down the line if it chooses to do so. 

The new credit union's founder said it a LGBTQ-focused credit union is necessary to "improve economic equality in the community by removing the risk of intolerance and discrimination.

"It is currently legal in (36) states to use gender identity and sexual orientation when considering a decision at a financial institution," Myles Meyers, founder and CEO of Superbia Services Inc. and the new Superbia Credit Union, said in an email. 

Meyers declined to reveal how many employees he is planning to have in Michigan, saying "our plans are holistic and don’t detail an employee by location." 

Asked how many members the new credit union is hoping to target, Meyers said: "As a new model for serving the community, we have our expectations and of course want to respond to the full need in the community.  However, we are very mindful of our responsibilities as a financial institution to maintain strong financial health.

"This translates to controlled growth of our members over a period and allowing our financial strength to grow, and best serve the community," he said. 

Department of Insurance and Financial Services Director Anita Fox, who signed the order approving the creation of Superbia Credit Union, said it will be the first new Michigan credit union in over 33 years.

“Providing financial access is fundamental for the opportunity, security, and success of all Michigan residents," Fox said. ".I applaud Superbia Credit Union’s commitment to provide services to the LGBTQ community.”

Fox's office said the state department's approval of the new Superbia Credit Union satisfies the initial statutory requirements for creating a new Michigan state-chartered credit union.  The institution will also have to be approved by the National Credit Union Administration or federal deposit insurance, which is a requirement before a new credit union would be granted permission to commence business.

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