The Coalition’s vision is to found the first nationwide LGBTQ Credit Union by 2023 which can offer LGBTQ households and communities fair & equal access to financial services, planning, and products specialized for their unique financial concerns, and to achieve the unique economic goals of LGBTQ consumers & communities.

How an LGBTQ Credit Union is better than a “traditional” bank:

Because their mission is to cultivate financial wellness for their members now and into the future, credit unions offer a wide array of benefits to the members they serve.

All the Services You Expect, Delivered Better.

Credit unions offer all the in-person and online checking features customers expect from a 21st-century depository institution. But because a credit union’ mission is to serve the needs of its member community, CUs offer more comfortable, familiar, & friendlier service and their staff employ their community knowledge to develop and offer more targeted services which can meet the unique needs of their members, whereas traditional banks develop their products to sell to the mainstream mass-market.

Mission-Driven, Not Profit-Driven.

Because a credit union is not-for-profit, it has no shareholders or debts owed to outside investors, so it has no incentive to charge higher rates to pay dividends or lavish bonuses. As a result of a focus on providing the best service to members, without any profit-mongering, credit unions can offer lower interest rates than traditional thrifts and savings & loans. Instead of offering products which drown customers in fees and interest, credit unions offer more affordable products to help members get their finances and debts under control

Transforming Savings into Investment.

Credit unions, like traditional commercial banks and thrifts, transform their members’ short-term deposits into longer-term loans to individual & business customers. Since lending from credit unions is a key means for businesses to start-up and to expand, credit unions are using member savings to make community investments. When that loan gets paid back, they use that revenue to pay back their depositors in savings and checking account interest and to make new loans to new borrowers–which can support a virtuous cycle of savings and investment.

Truly Innovative Products & Services.

Traditional financial services firms and leaders love to promise financial “innovations,” but instead offer business-as-usual: the sub-prime products and services they offer to the poorest charge high interest and fees, actually inhibiting borrowers from creating savings or equity to achieve financial goals. Because a credit union’s focus is on high-quality (not high-interest) services for members, credit unions can offer truly innovative products and services whichuse financial instruments and planning to get customers out of financial distress, instead of creating even more obstacles to success.

Common Credit Union Services & Benefits:

Federal credit unions offer many of the common financial services which are expected by consumers from a 21st century financial institution, and even a few more they do not expect.

Individual Member Services
Deposits & SavingsConsumer CreditMember ServicesEducation & Counseling
Checking Accounts Checking Accounts
Accounts so that members can access their deposited funds anywhere using an ATM/debit card or check.
Deposit Insurance Deposit Insurance
Deposits are insured by the National Credit Union Share Insurance Fund (NCUSIF) to ensure depositors always get their money back.
Educational Savings Accounts Educational Savings Accounts
Savings accounts to help households save for family and children’s education and training, with tax benefits.
Health Savings Accounts Health Savings Accounts
Savings accounts for medical needs and emergencies, with higher yields of return and tax benefits for income saved in HSAs.
Individual Retirement Arrangements (IRAs) Individual Retirement Arrangements (IRAs)
Many credit unions offer members’ the ability to save for retirement using standard and “Roth” IRAs.
Savings Accounts & Certificates of Deposit Savings Accounts & Certificates of Deposit
Higher-interest yield accounts & deposits, to make more of savings.
Credit Cards & Credit Card Rewards Credit Cards & Credit Card Rewards
Unsecured loans to individuals and businesses to use for many kinds of purchases using a convenient card, at times with rewards points or benefits for patronizing partner businesses.
Home Equity Lines of Credit Home Equity Lines of Credit
Lower-interest lines of credit, secured by a home, often used to make home improvements or consolidate other loans at a lower rate.
Mortgages & Auto Loans Mortgages & Auto Loans
Loans for individuals purchase secured assets such as homes or cars, often at lower interest rates than at banks or thrifts.
SAFE Loans SAFE Loans
Short-term loans to help members reach their next pay-date, but without the astronomical interest of payday loans, so members’ can break cycles of high-interest and default, and get back on track.
Personal Loans Personal Loans
Unsecured loans issued to consumers by credit unions, which are made for many different kinds of uses (e.g. home or self improvement, purchasing needed goods or services).
Mobile & Online Services Mobile & Online Services
Using apps and online portals, members can manage their funds, deposit checks, open accounts, or get loans from the convenience of home or anywhere with internet.
24/7 Customer Service 24/7 Customer Service
Members receive friendly service from trained professionals whenever they call or chat with their credit union, either through an in-house specialist or hand-picked partners.
Credit Counseling Credit Counseling
Many credit unions offer access to counseling in house and/or through accredited service for clients in need of help understanding credit concepts.
Budgeting Assistance Budgeting Assistance
Assistance to help financial and credit learners create effective budgets to manage their current obligations and understand their household’s financial capacities.
Enterprise Workshops Enterprise Workshops
Members can access workshops about organizational finances, and work with in-house experts, to create plans to help their businesses or nonprofits succeed.
Enterprise Services
Business Checking ServicesBusiness LoansMerchant AccountsInsurance
Checking and savings accounts for groups to deposit and access their organizational funds with debit cards or checks.
Loans for businesses to make profitable investments in capital expenditures, human capital, or to profitably restructure finances.
Enabling businesses to accept credit and debit cards so customers can pay using any means, and businesses can make more profit.
Access to insurance through the credit union, or referred through partners, to meet the insurance needs of their employees and organizations.

Unique benefits LGBTQ Financial Services can offer:

Adoption & Fertility Loans or Grants
Low-or-no interest loans or grants to cover family planning costs (e.g. adoption, fertility, IVF, surrogacy services) which LGBTQ people disproportionately shoulder.

Gender Affirming Loans or Grants
Low-or-no interest loans or grants for gender-affirming treatments and services (e.g. hormone therapies, transition surgeries, vocal therapy) which insurers do not cover.

Access to LGBTQ-specific Financial Planning
To help LGBTQ families of all kinds and shapes make successful plans for retirement & secure financial futures, absent estranged family & inclusive of our chosen family.

Rewards for Keeping it in the Family
Credit card points can reward members for using their credit or debit cards to patronize LGBTQ businesses–encouraging members to keep money “in the family.”

Jobs for LGBTQ-serving Professionals
A Credit Union can create good-paying jobs for financial and customer-service professionals with knowledge and/or experience dealing with LGBTQ finances and individuals.

Increased Access for Sex & Gender Services
Traditional lenders frequently balk at serving businesses which may pose “non-traditional” risk. Sex and gender affirming services can promote access for these groups and individuals who have restricted, or no, access at present.