Meet the man hoping to battle LGBTQ bank discrimination with a new credit union.
A male-to-female transgender woman was locked out of her bank account in 2018 because a phone operator thought she sounded like a man.
"If I walk into a bank here in New York, I can pretty much handle anything they're going to put in front of me," Meyers told ABC News."I go in with my husband and right away, we are having to adjust and watch for the adjustments that are happening in the institution.Same-sex couples are dramatically more likely to be denied a mortgage and then be hit with higher finance fees, according to a ground-breaking study that has sparked calls for the federal government to intervene.
“Lenders can justify higher fees, if there is greater risk. We found nothing to indicate that’s the case," the researchers said in a statement."In fact, our findings weakly suggest same-sex borrowers may perform better."The Fair Housing and Equal Credit Opportunity acts prohibit discrimination based on a borrower’s race, gender, marital status or religion, but neither specifies sexual orientation.
Regulators in Michigan approved the company earlier this month, clearing the way for it to start offering financial services online by early 2020 and making it the first financial institution geared to serving the national LGBTQ community. As more LGBTQ entrepreneurs step up to offer alternatives to traditional banking, marketing experts say it's imperative that established brands do more to show their commitment to helping marginalized communities.
"It's not always because the bank may not have the right policies, but sometimes the staffers may not have been trained or educated to be more welcoming," Witeck said."The workers may make them feel like they don't belong there. When they walk in, they treat they may make them wait longer to see if they get up and leave, or the employees may make off-hand comments to each other, or look at them with side eyes.
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