I was introduced to Superbia Financial initially through a group posting via our OutBüro on LinkedIn LGBT professional networking group. We had the opportunity to jump on a call this week to learn more about Superbia Financial from its CEO & Founder, Myles Meyers. Meyers was quick to explain that Superbia means Pride in Latin. I dig the word and thought behind it.
Meyers has a long deep background in the financial services industry both within insurance and banking as well as member driven organizations. He is a Canadian transplant now building Superbia from his new home base in New York City – one of the financial hubs of the world.
We are bringing financial services to the LGBTQ Community that match the values in our lives – Myles Meyers – CEO
Superbia will serve its members in three important ways:
- Completely removing any risk of discrimination when sourcing financial services
- Providing fair, and unique products, services, and a member (customer) experience that honors the unique needs of the LGBTQ community
- Giving every penny of profit back to the community
- Awarding up to 30% of profit to directly fund LGBTQ organizations, causes and community needs
- Putting profits back into Superbia to offer better saving and lending rates, and other improved financial services to its membership
Why focus on the LGBT community’s financial life
LGBTQ people face discrimination, harassment and inequalities at nearly every possible interaction be it at work, in housing, in healthcare and so forth. Also we can face discrimination when dealing with financial institutions from personal banking, business banking and seeking capital for to grow our businesses. Sure, many large financial institutions, which we’ve pointed our here on OutBüro, have a pretty good to very good LGBTQ employee work culture and customer equality stance. However, the best of intentions of a large company does not always translate down to the individual banking employee you might be dealing with. You can and may still experience discrimination from a branch manager, loan officer or employee who despite company policies put forth their learned prejudices and biased beliefs causing you mental stress and financial harm.
Case in point is that in the United States we have had sexual harassment laws at the federal and state levels since 1978. Most companies have sexual harassment policies as well as require all employees to participate in sexual harassment training and sign documents. However, all you have to do is turn on the news and several times a month and you will see high profile sexual harassment cases. Consider the hundreds and thousands monthly that don’t make the news. Corporate LGBTQ supportive and friendly policies are wonderful and we applaud all companies who have them in place. But taking sexual harassment as an indicator, it will be a very long time before those LGBTQ friendly policies and laws translate to a true culture of equality devoid of discrimination, harassment and worse.
Come bank with Superbia as and who you are. Your financial life is very important to you and therefore important to Superbia.
100% LGBTQ banking
Superbia Financial, upon receipt of its charter to operate, is the first financial institution, as a member based credit union, to be built by an LGBTQ entrepreneur and 100% focused on the LGBTQ community – YOU. As a credit union you are a member and therefore also have a vote in many actions of the credit union. You may participate in voting for board members that will ensure the board is both qualified and always reflects the membership base.
As a not-for-profit, Meyers explained that the tax savings will provide a lower cost of business and thus be able to provide more of the profits to directly fund national and regional LGBTQ organizations, causes and community needs. Your banking with Superbia creates a sustainable funding stream for organizations serving our LGBTQ community.
It’s banking with an LGBTQ social impact.
The world doesn’t need another generalized bank or credit union. The LGBTQ community needs a financial institution such as Superbia that is not only LGBTQ focused, but participates as part of the community and supports the community widely. – Myles Meyers – CEO
Financial diversity in the diverse LGBTQ community
There are an estimated 8.5–10 million LGBTQ living in the United States. In 2015, the combined economic power of the community was estimated at $917 billion, yet poverty exists in the diverse LGBTQ community. It’s estimated that 9.1% of gay couples and 4.9% of lesbian couples over the age of 65 live in poverty due to a lifetime of discrimination in the workplace. 25% LGBTQ people have reported being discriminated against in some way during their life. The fear of coming out that many in the LGBTQ community experience increases their risk of depression and/or anxiety as much as 3 times.
Superbia Financial credit union is an inclusive organization and whether you’re part of the LGBTQ community or you’re a supportive ally, you are welcomed. You deserve a banking partner that values you for who you are and where you are without the potential of being discriminated against.
What services to expect
Meyers and a hard-working team of around 25 people have been working diligently for over two and a half years in getting Superbia Financial to the point of it’s impending launch. During that journey they have consulting with numerous stakeholders and providers across the country to find the right blend of technology to meet your expectations of banking in the time of internet based everything. Meyers explained that Superbia, as a virtual credit union, will have the online and mobile apps you’d expect – such as mobile/remote based check deposits. As products are made available, members will have the options of:
- Check account
- Saver account
- Certificate of deposit
- Credit card
- Short-term loan
- Line of credit
- Wealth management
- Small business account
Superbia just doesn’t want you – it needs you
To create a credit union that serves the unique interests and needs of the LGBTQ community, and that distributes its profit to the causes and programs unique to LGBTQ persons, Superbia must demonstrate the desire and need of the community to the regulators.
To show your interest in helping bring this revolutionary vision to life for yourself and others, head over to their website and sign up to stay abreast with Superbia’s progress – they only ask for your name, email and state.
When can you open your accounts
Superbia, in October 2018, filed the application to acquire its charter to operate as Superbia Credit Union. Meyers stated, “In the process so far we’ve had discussions about our application, vision and plans. The dialogue has been productive. This process is lengthy with naturally a huge focus on the security of any potential members financials. “We are very pleased with the development effort to make our application for charter as strong as possible. We cannot predict exactly when, but we hope within the next few months we’ll receive the approval and when that happens we are ready to serve our community.”