Michigan’s regulator approved a state charter Monday for Superbia Credit Union that plans to become the first cooperative to serve LGBTQ individuals and their families nationally. 

The state charter was also the first one to be approved in more than three decades by Michigan’s Department of Insurance and Financial Services. Texas was the first state to grant a charter to the First Gay & Lesbian Credit Union in Dallas in 1988, which served 840 members and managed $525,000 in assets. FGLCU was merged out of existence in the 1990s. 

Myles Myers, founder of Superbia Services Inc. the organizational arm of the credit union, said in a prepared statement that the de-novo cooperative will improve economic equality for lesbian, gay, bisexual, transgender and queer persons by removing the risks of intolerance and discrimination in banking services that continue to plague the community in different forms. However, there are numerous credit unions and banks that have been welcoming the LGTBQ market for years.

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