4 ms·

I'm pretty sure we are past the point where LGBT people need to be worried about whether a major bank will serve them or not. And yet the rainbow washing contin

I'm pretty sure we are past the point where LGBT people need to be worried about whether a major bank will serve them or not. And yet the rainbow washing continues. Why is that?

avocadvocate 4y ago
Interesting you mention banks. > A 2019 study by Hua Sun and Lei Gao of Iowa State University found that from 1990 to 2015, same-sex couples were 73% more likely to be turned down for a mortgage than similarly qualified different-sex couples. In addition, same-sex couples who were approved for mortgages paid about 0.02% to 0.2% more, on average, in interest and fees. https://www.investopedia.com/mortgage-lending-for-lgbtq-people-5120688 https://www.investopedia.com/mortgage-lending-for-lgbtq-peop... The US government has made positive changes to combat this practice, https://www.reuters.com/article/us-usa-lgbt-banks/u-s-banks-banned-from-discriminating-against-lgbt-people-idUSKBN2B82TQ https://www.reuters.com/article/us-usa-lgbt-banks/u-s-banks-... but you would be mistaken to assume such discrimination has completely disappeared or doesn't still exist in similar forms.
- Thorentis 4y ago
  I'm going to dispute "similarly qualified". Being married is a huge indicator of future financial stability, and for most of the cited time period, SSM couples could not get married. There are also many statistics which point to SSM relationships (regardless of marital status) ending sooner. So if the banks are inputting this to a "go/no go" algorithm, the results do not surprise me at all.
vineyardmike 4y ago
People still think a rainbow is political. And look at all the political stunts GOP is pulling at LGBT peoples expense. Also, we aren’t past that point.
- Thorentis 4y ago
  We'll have to agree to disagree on whether we are past that point. I have seen no evidence of major corporations or banks refusing to serve LGBT people. Companies are simply hoping they can attract more customers by appearing relevant.
  - vineyardmike 4y ago
    If you’re not part of the LGBT community, you’re opinion is literally worthless for this argument regardless of the evidence you see.

I'm pretty sure we are past the point where LGBT people need to be worried about whether a major bank will serve them or not. And yet the rainbow washing continues. Why is that?

avocadvocate 4y ago

Interesting you mention banks. > A 2019 study by Hua Sun and Lei Gao of Iowa State University found that from 1990 to 2015, same-sex couples were 73% more likely to be turned down for a mortgage than similarly qualified different-sex couples. In addition, same-sex couples who were approved for mortgages paid about 0.02% to 0.2% more, on average, in interest and fees. https://www.investopedia.com/mortgage-lending-for-lgbtq-people-5120688 https://www.investopedia.com/mortgage-lending-for-lgbtq-peop... The US government has made positive changes to combat this practice, https://www.reuters.com/article/us-usa-lgbt-banks/u-s-banks-banned-from-discriminating-against-lgbt-people-idUSKBN2B82TQ https://www.reuters.com/article/us-usa-lgbt-banks/u-s-banks-... but you would be mistaken to assume such discrimination has completely disappeared or doesn't still exist in similar forms.

Thorentis 4y ago
I'm going to dispute "similarly qualified". Being married is a huge indicator of future financial stability, and for most of the cited time period, SSM couples could not get married. There are also many statistics which point to SSM relationships (regardless of marital status) ending sooner. So if the banks are inputting this to a "go/no go" algorithm, the results do not surprise me at all.

vineyardmike 4y ago

People still think a rainbow is political. And look at all the political stunts GOP is pulling at LGBT peoples expense. Also, we aren’t past that point.

Thorentis 4y ago
We'll have to agree to disagree on whether we are past that point. I have seen no evidence of major corporations or banks refusing to serve LGBT people. Companies are simply hoping they can attract more customers by appearing relevant.
- vineyardmike 4y ago
  If you’re not part of the LGBT community, you’re opinion is literally worthless for this argument regardless of the evidence you see.