SuperbiaUSA LLC has raised more than $100,000 in contribution commitments that will help to establish it as the first-ever credit union by and for the LGBTQ community. The funds were raised through a variety of initiatives and sources including from individuals and businesses working toward equality, an Indiegogo campaign, and an event at Club Cumming in March to kick off fundraising efforts. All funds will be used to demonstrate to regulators the existence and need of the LGBTQ community and be put directly into the business to cover legal and other costs associated with the charter process and the creation of Superbia Credit Union, a fully functional financial institution. Superbia will be submitting its business plan and filing an application for its charter in the third quarter, and, upon regulatory approval will begin serving the community shortly thereafter.
When operational, Superbia Credit Union will benefit members through tailored products and services, more favorable rates, and grants made regularly to organizations that help support and advance causes of the LGBTQ community.Superbia Credit Union will be comprised solely of and supported by members of the community, including friends and advocates. With Superbia Credit Union, Founder Myles Meyers plans to eradicate the risk of discrimination that the LGBTQ community still encounters and provide better economic equality for the LGBTQ community as a whole. Superbia has already established relationships with LGBTQ organizations including Hornet Networks and Stonewall Community Foundation, as well as payments and financial companies including Mastercard, PSCU, and CU*Answers, and more, that will help power the financial offerings.
“The LGBTQ community as a whole is in need of a strong solution to fight mounting intolerance. As a financial institution, Superbia Credit Union will unify the communityâ€™s economic strength and will advocate for and serve the community, on our terms, under our values,” shared Myles Meyers, founder of Superbia. “The recent ruling by the Supreme Court makes clear: while our community has made tremendous strides towards equality, we still have intolerance awaiting us just under the surface of many businesses and services, including the finance industry, where only 14 states have laws that prohibit discrimination on gender identity and orientation. In the same way a bakery can refuse a cake, one bankâ€™s discrimination could lead to higher interest rates on homes, rejection of student loans, judgement on credit for health needs, outdated products and services for LGBTQ individuals and families, and lack of acceptance and understanding among traditional institutions.”
Meyers, a financial services industry veteran, was inspired to develop the credit union as a commercial and social enterprise, upon observing the sheer lack of authenticity and commitment by some financial services organizations when serving the LGBTQ community.
“The possibilities for the community are huge when we rally together and unify nearly a trillion dollars of economic power,” added Meyers. “The outcome would be a systemic shake down of the financial industryâ€™s treatment of the community and the redefinition of how we can create greater benefits to our own community through our own dollars, rather than fragmenting that power, or handing it over to another institution. Superbia will help level the playing field and allow our community access to tailored services and products free from the risk of discrimination, while helping support those organizations working daily on behalf of the LGBTQ community.”
Superbia will serve its members in three important ways:
- Providing fair, non-discriminatory and unique products, services, and treatment that honors the unique needs of the LGBTQ community
- Putting profits back into Superbia to offer better saving and lending rates, and other improved services to its members
- Awarding up to 30% of remaining profit to directly fund LGBTQ organizations, causes and community needs