Superbia (latin for Pride) is the effort to create a new LGBTQ focussed Credit Union, which launched at Club Cumming in NYC last year, and will be a fully rounded banking solution to the LGBT community.
We had the chance to sit with Myles Meyers, the CEO and Founder, to ask how it all got started and when we can open an account!
Q40: Hi Myles it’s great to meet you. Tell us more about yourself and why you decided to create Superbia.
Myles Meyers: Hey there great to meet you! I’ve been in financial planning and strategy for much of my career but after I left my last position where I headed both for an international member-based organization, a cooperative – where the customers of the company own the company, the genesis of Superbia was born.
As a member of the community holding this background, I was truly compelled to begin the effort that would organize our community strengths in a very new way and provide very impactful benefits.
Q40: What are the needs of the LGBTQ+ community that the other financial institutions are not offering?
MM: When we launch later this year, Superbia will provide the fundamentals of banking that everyone requires in today’s world, but importantly and what is largely being unaddressed, are the products and the member experience unique to us.
Imagine that Bob has been working with his local financial services provider for twenty years, and Bob has courageously made the decision to transition to her true self, Barbara; how does Barbara start that conversation? Where is the product that Barbara needs?
With Superbia, that conversation is one we are designed for and welcome. Specifically, Superbia will immediately remove the slightest risk of discrimination to our community members when seeking financial services products, particularly in cases where our identity or needs are unique.
Knowing that one in four LGBTQ+ members have reported being treated unfairly simply because they are a member of the community and given the mounting political climate we face, I am determined to see our community provided with the guaranteed access to financial products.
Q40: Many people see new banks/credit unions as unsafe – what would you say to those people?
MM: With my background in the finance industry and the team of seasoned experts we’ve assembled, we are committed to creating and maintaining the strongest financial health in the Superbia Credit Union. That is our commitment to the community. Our development work in this area is almost exclusively guided by state and federal laws & regulations.
Superbia cannot operate without the approval of the regulatory bodies. Superbia will be subject to the strict oversight, audits and reporting requirements of credit unions in the same regulated category.
In addition, Superbia will be an insured credit union, seeking its insurance from the Federal provider of deposit insurance for credit unions the National Credit Union Share Insurance Fund.
Q40: Will you be offering LGBTQ+ small businesses and entrepreneurs banking too?
MM: Superbia will be a reflection of the community and its members. We’ll start with certain select services and, over time, continue to implement new offerings as we and our membership grow. We will work directly with all members including business owners and organizational leads to provide these in a manner that that will continue to see the community benefit from keeping its money ‘at home’ in the community.
Q40: So the big question is, when is the launch?
MM: Superbia has been engaged in productive discussions with the regulators and we submitted our official application to seek a charter for Superbia on National Coming Out Day – October 11, 2018. We are expecting to move to the next phase of regulatory analysis and approval within the first half of 2019, aiming to be operational before the end of 2019.
Q40: Anything else you want to tell our readers?
MM: Superbia credit union is for all of us… by the LGBTQ+, for the LGBTQ+. We are determined to make available for the first time a safe, secure and sustainable place for all members of our diverse community, and our supporting allies, to access financial services and deliver direct financial benefits to LGBTQ+ individuals and communities.
As the developers of Superbia, we are inspired by the new possibilities. It’s exciting that a national, LGBTQ+ owned commercial entity will sit, for the first time, at industry and regulatory tables. It’s also inspiring that Superbia will be able to unify our economic power, be a force for good in the community, and help redraw the model of LGBTQ+ visibility, voice, and equality.
We are very proud of the work we’ve completed thus far. We are so close to making this the new reality for the LBGTQ+ community.
We encourage anyone who wishes to be kept up to date on the Superbia journey, to go to our website and provide your confidential contact information. By doing so, you will join a growing list of supporters that helps us demonstrate to regulators the sheer number of us that are in need of, or have a desire to see Superbia come to life.
To learn more about Superbia, visit www.superbiafinancial.com