More about the

L G B T Q
CREDIT UNION COALITION
Sharing, growing, & keeping wealth in the family.

CONNECT WITH US:

mail@lgbtq.credit WWW. https://lgbtq.credit @LGBTQCreditUnionCoalition

1885 MISSION STREET D1 —SAN FRANCISCO, CA 94103

 THE
PROBLEM

LG BTQ A M E R I CA N S S U F F E R PE R S I ST E N T E CO N O M I C D I S C R I M I N AT I O N

Despite political and legal victories, LGBTQ communities suffer persistent

discrimination in employment, housing, insurance, and credit markets. Bias and
harassment drives unequal wages, and higher costs, leaving LGBTQ households less
prepared for savings and f inancial goals such as homeownership, starting a family,
or retirement. Discrimination damages the competitiveness of LGBTQ entrepeneurs &
consumers, and jeopardizes their ability to remain in America’s gentrifying cities.

FINANCIAL GAPS INCLUDE:

A Wealth Gap resulting from An Information Gap about A Financial Services Gap from
lower pay and higher costs financial wellness and fair lending discrimination by financial firms
for LGBTQ households. compliance for LGBTQ customers. and professionals.

H T T P S : // L G B T Q . C R E D I T
 T H E W E A LT H G A P
Lower earnings & higher costs drive an earnings,
savings, and overall wealth gap between LGBTQ
50% of LGBTQ consumers
report financial challenges because of
Americans & heterosexual/cisgendered peers.
INCOME BY SEX & ORIENTATION, 2017 1
20% of LGBTQ persons living
their sexual orientation or gender.5
PRODUCT OWNERSHIP, 20176
alone report incomes at-or-below the
$85,084 $83,469 poverty level.2 15% of trans* persons LGBTQ
GENERAL
POPULATION
report earning < $10,000/year, 3x more

SA O
AC

VI UN
40%
than the general population (4%).3

N
G T
S
$56,461 47 %

PL

R (E
2x
$51,461

ET .G
AN
$45,606

IR . 4
EM 0
$35,980 35%
LGBTQ consumers are more

EN 1K)
T
40%
likely to be “unable to keep up with
expenses” than those in the general 18%

IR
population (8% vs. 4%).4

A
30%
BISEXUAL LESBIAN STRAIGHT BISEXUAL GAY STRAIGHT 01 02 03 04 05 0

“In time there will be gay flags [in the Castro], but no gay
people.”
— CLEVE JONES, LGBTQ ACTIVIST

THE INFORMATION GAP

MISSING ECONOMIC & DEMOGRAPHIC DATA MISSING FAIR LENDING DATA

LGBTQ h o us eh o ld s a re n ot i n cl u d e d i n n atio n al Le n de rs are re q u ire d to ve rif y th e ir compl i an ce

data - co llec tio n s a b ou t A m e ri c a n d e m og rap hi cs w ith fair le n din g & n o n disc ri mi nat i on
or e co n o m ic well- b e i n g , s u ch a s : re q u ire m e n ts by p ro d uci n g d at a ab ou t th e ra ce
• Th e Censu s B u rea u ’s A m e ri ca n Communi ty an d sex o f custo m e rs w h o ap p l y fo r a n d recieve
Su r vey, o r t h e i r f i rms’ m o r tg a g e s & smal l b usi n e ss loa ns.
• Th e Federa l Re s e r ve’s R e p or t on t h e Eco n o mi c
R eadin ess o f U. S . H ou s e h ol d s B ut cre d i to rs are n o t re q ui re d to p rodu ce da ta
ab o ut fai r & e q ual l e n d i n g fo r LG BTQ cu stom ers.
Th e a bsen ce o f re l i a b l e , p e ri od i c d a t a l eave s
Wi t h o ut fai r l e n d i n g d at a LGBTQ an d consum er
ambig uity a b o u t f i n a n c i a l n e e ds for LGBTQ
a dvo cate s are le ss ab le to ide n tif y, pursue, or
Am erica n s , a n d w h a t ch a n ge s h ave occure d i n
p reve n t discrim in atio n a g ai nst LG BTQ consu m ers.
th ei r f ina n cia l we l l - b e i n g ove r- t i m e .

THE FINANCIAL SERVICES GAP

LGBTQ consumers also suffer from disparate treatment &

disparate impacts in their ability to access financial services.
18% of LGBTQ consumers have no
credit card; and 32% of those with cards are
using them to build their credit.9

32%
GAY & LESBIAN COUPLES
of LGBTQ student borrowers have been denied help
are denied mortgages 73% more f requently than
from a financial-aid professional because of sexuality or gender.7
heterosexuals of similar f inancial & credit quality, and
recieve .02-.2% higher interest & f inancing charges,

3.7% on average, for the mortgages they do get. As a result,

of LGBTQ consumers report they have been denied gay and lesbian couples are over-charged $8.6-$86M
a loan simply because of their sexual orientation or gender.8 for their mortgages, annually. 10

SOURCES: 1. Prudential, The LGBT Financial Experience, 8 (2018) http://bit.ly/2PzZVF3. 2. M.V. Lee Badgett et. al., New Patterns of Poverty in the Lesbian, Gay, and Bisexual Community, The Williams Institute, 2 (2013) http://bit.ly/2RRiHW2. 3. Jaime M. Grant et. al., “Injustice
at Every Turn: A Report of the National Transgender Discrimination Survey,” National Center for Transgender Equality and National Gay and Lesbian Task Force, 2011, acces 4. Prudential, supra note 1 at 11. 5. Jim Akin, “LGBTQ Money Survey: Attitudes, Challenges,
and Opportunities”, Experian (2018) http://bit.ly/2Oi3NGd. 6. Prudential, supra note 1. 7. Miranda Marquit, “60% of LGBTQ Student Borrowers Regret Taking Out Student Loans”, StudentLoanHero (2018) http://bit.ly/2K7cjHB. 8. Melissa S. Green, “Anchorage LGBT
Discrimination Survey: Final Report” (Anchorage: Identity, Inc, 2012), available at http://bit.ly/2DHsuLl. 9. Akin, supra note 5. 10. See “Lei Gao & Hua sun, The Rainbow of Credit: Same-sex Mortgage Discrimination and Two-sided Spillover Effect” (2018) http://bit.ly/2Qro3H8
 OUR
SOLUTIONS
FAIR & EQUAL FINANCIAL OPTIONS FOR ALL

We are closing LGBTQ Wealth, Information, We are creating sustainable solutions to

& Finan cial Ser vices Gaps by :
• Conducting ground-breaking research
and reporting to build awareness about
LGBTQ f inancial capacities & needs.
• Educating consumers & community
leaders about present f inancial issues
and solutions to help LGBTQ Americans
achieve more successes, today.
provide more fair & equal services through:
• Better public policies and procedures
at f irms to vindicate LGBTQ Americans’
right to be rid of f inancial discrimination.
• Organizing an LGBTQ Credit Union by
2023 which can offer more fair & equal
products and services specialized for
the unique needs of LGBTQ Americans.

WHAT WE DO:

Shine a light on wealth
information & service gaps
afflicting LGBTQ Americans
through research, & reporting
to identify economic issues
and to promote sustainable,
d a t a - d r i ve n solutions.
Educate consumers & leaders
about LGBTQ Americans’
current financial capacities
and to develop LGBTQ
financial & credit skills
so they can save more &
achieve f inancial goals.
Advocate for better policy Organize for an LGBTQ
& procedural solutions Credit Union by 2023
to fill present gaps with better which can offer more fair
regulation, compliance, & & equal services to meet
data collection to ensure the unique financial
firms’ services are fully fair & needs of LGBTQ families,
equal for LGBTQ customers. businesses, & communities.

H T T P S : // L G B T Q . C R E D I T
“At a time when LGBT rights are again under attack... reclaiming queer space is as
important as ever. That includes affordable housing & affordable commercial space
for our... community to live & thrive.”
— JUANITA MORE, LGBTQ BUSINESS-OWNER & ACTIVIST

SURVEYING, ADVOCATING FOR

RESEARCH, & REPORTING: BETTER POLICIES & PROCEDURES:
We conducts surveys and research to assess present We work with public leaders and private decision-makers
LGBTQ financial capacities, needs, and their comparative to close present financial gaps for LGBTQ communities, by
economic well-being. We are: advocating for:

• Reviewing all presently available data about LGBTQ
financial well-being by academic researchers and
financial firms.
• Publishing our findings in whitepapers, infographics,
and on our blog.
• Building a survey to issue a 2019 Report on the
Economic Readiness of LGBTQ Households.
• Enacting new anti-disrimination laws, or clarifying existing
laws, to protect LGBTQ consumers from discrimination in
FIRE transactions.
• Collecting fair lending & economic data about LGBTQ
Americans in local, state, & federal data-sets.
• LGBTQ cultural competencies at firms so they can
improve policies & services for LGBTQ customers.

WORKSHOPS & ORGANIZING

COMMUNITY EDUCATION: AN LGBTQ CREDIT UNION:
We create educational programs in order to cultivate Our vision is to create a national LGBTQ federal credit union
knowledge & capacities for LGBTQ consumers, and create (FCU) which can offer more fair & equal financial services to
greater awareness of LGBTQ financial needs, including: LGBTQ households & communites, by:

Workshops: • Building a coalition of individual consumers,

• Everything You Wanted to Know About Your Credit Report, businesses, & nonprofits in support of an LGBTQ FCU.
But Were Afraid To Ask
• Strategizing for the services, products, and competencies an
• My Big Queer Budget
FCU offer to create superior financial service adapted for
• Keeping it in the Family: Investing, Impact, & Equality
LGBTQ households, businesses, & communities.
Forums: • Identifying the resources necessary for our preliminary
• Queer(er) Economies: the Financial Past, Present & Future for
charter proposal & organizing an LGBTQ FCU by 2023.
LGBTQ Americans

H T T P S : // L G B T Q . C R E D I T
 MORE ABOUT AN
LGBTQ CREDIT UNION
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 the credit union and its
staff are dedicated to serve the needs of its member community, CUs offer more
comfortable, familiar, & friendlier service which can meet the unique needs of their
members, whereas big banks develop products to sell to the mainstream market.

USING COMMUNITY SAVINGS FOR COMMUNITY INVESTMENT...

Credit unions, like traditional commercial banks and thrifts, transform their members’
short-term deposits into longer-term loans to individual & business customers. When
that loan is 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.

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 in order to pay dividends or
lavish bonuses.Because FCUs focus on providing the best service to members, without
profit-mongering, credit unions can offer lower interest rates than traditional banks
and thrifts.

T R U LY I N N O VAT I V E P R O D U C T S & S E R V I C E S . . .
Traditional financial services firms and leaders love to promise financial “innovations,”
but instead offer business-as-usual. Because a credit union focuses on high-quality
(not high-interest) services for members, it can offer truly innovative products and
services to get customers out of financial distress, instead of creating even more
obstacles to success.

H T T P S : // L G B T Q . C R E D I T
 MORE ABOUT AN
LGBTQ CREDIT UNION
COMMON MEMBER BENEFITS AT CREDIT UNIONS:

Checking Accounts Health Savings Accounts Credit Cards

so members can access their
deposited funds anywhere with
debit card or check.
Deposit Insurance
by the National Credit Union Share
Insurance Fund (NCUSIF) so de-
positors always get their money.
Educational Savings Accounts
to help households save for their
children’s education and job train-
ing, with tax benefits for doing so.
Savings accounts for medical needs
and emergencies, with higher
yields of return and tax benefits.
IRAs
so individuals can save for their
golden years in either standard or
“Roth” IRAs.
Merchant Accounts
Enabling businesses to accept
credit & debit cards so customers
can pay using any means.
for any purchase using a card, at
times with rewards for patronizing
partner businesses.
Mortgages & Auto Loans
for individuals purchase assets
such as homes or cars, at lower in-
terest rates than at banks or thrifts.
SAFE Loans
to help members reach their next
pay-date, but without the astro-
nomical interest of payday loans.

UNIQUE BENEFITS AN LGBTQ CREDIT UNION MIGHT OFFER:

Gender-affirming loans or grants at LGBTQ Financial Plans to help LGBTQ

low-or-no interest for gender-affirming families of all kinds and shapes make
services (e.g. hormone therapies, successful plans for retirement & secure
transition surgeries, vocal therapies) financial futures, absent estranged
that private insurers refuse to cover. family & including chosen family.

Family planning loans or grants Keeping wealth in the family by

at low-or-no interest to cover family issuing loans with depositor savings,
planning costs (e.g. adoption, fertility, and repaying depositors, with interest,
IVF, surrogacy) which LGBTQ people from loans. Points can also reward card-
must pay in order to start their families. holders for patronizing queer businesses.

H T T P S : // L G B T Q . C R E D I T
 JOIN & SUPPORT
OUR COALITION
LGBTQ Credit Union Coalition
Sharing, growing, & keeping wealth in the family.

The LGBTQ Credit Union Coalition was founded in January 2018 in the San Francisco, Bay Area, and is a
f iscally sponsored project of the San Francisco Bay Area Leather Alliance, a 501(c)3 nonprof it organization.

OUR COALITION JOIN THE FIGHT

MEMBERS:
FO R FA I R & EQ UA L
Our members are consumers, businesses, & nonprofts
who endorse our Coalition’s mission to create more fair
SE R VICE S FO R ALL .
& equal financial services for LGBTQ households and INDIVIDUALS:
communities, and our vision for a nation-wide LGBTQ
Credit Union. Our members include: Support our work for more fair & equal
financial services for LGBTQ communities:

Sign our Petition for an LGBTQ Credit Union.

— Free —

Donate to support our research, education,

& organizing for fair & equal financial services.

BUSINESSES & NONPROFITS:

Add your organization as a Coalition member
or sponsor and show your support for fair &
equal financial services for LGBTQ Americans.

Endorse our Coalition for an LGBTQ Credit Union.

— Free —

Sponsor the Coalition or Partner with us to

QUEER LAND TRUST support our research, education, & organizing.

Organizations endorsing the Coalition are recognized as Coalition Members on our website, and in our newsletter, blog, & organizing materials. Partners and sponsors
are recognized on our website, and in our newsletter, blog, and relevant program or event advertising. Learn More