The Guardian

Do we need LGBTQ banks?

The first credit union specifically tailored to LGBTQ customers has opened in the US. Would more of them help end financial discrimination?
A specifically LGBTQ financial institution would be welcomed by customers in Britain. Photograph: Tristan Fewings/Getty Images

It’s the bank that came out: the state of Michigan has just approved a new credit union specifically tailored to LGBTQ customers. It’s the sort of proposal that raises the hackles of the “they’ve got more rights than us” brigade. But, and those who were approved were lumped with higher interest rates than normal – even though they were less likely to default on their loans. But then it is legal to discriminate against LGBTQ people in many US states. There are other considerations, too: queer corners of social media abound with trans people crowdfunding for their transitioning costs, and now will offer loans for this specifically.

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