Class action lawsuit alleging discrimination filed against Navy Federal after CNN exclusive report
CNN
Class action lawsuit alleging discrimination filed against Navy Federal after CNN exclusive report
The largest credit union in the US is facing new scrutiny over racial disparities in its mortgage lending following a CNN investigative report, with a class-action lawsuit filed Monday alleging the lender discriminated against Black and Latino applicants, and a senior congressional Democrat demanding answers about its practices. The complaint against Navy Federal Credit Union, filed in federal court in Virginia on Sunday, comes on the heels of CNN’s story, which found the credit union had the widest disparity in conventional mortgage approval rates between White and Black borrowers of any major lender last year. “When describing its corporate values, Navy Federal claims that it ‘champions community,’ and that it is ‘dedicated…to embracing and celebrating diversity and inclusion in all the communities’ it serves,” the complaint, which cites CNN’s reporting, states. “But Navy Federal’s claims of community support are meaningless in the face of its actions: systematic discrimination in housing, in violation of federal law.” While CNN’s analysis did not prove Navy Federal is discriminating against borrowers, it did find significant racial gaps in the credit union’s mortgage approval rates. The credit union didn’t respond to CNN’s requests for comment this week. On Tuesday, it announced that it had hired Debo P. Adegbile, a leading civil rights attorney and former commissioner of the US Commission on Civil Rights, to “assess our mortgage lending policies and practices and make recommendations to drive further access to home ownership.” Navy Federal, which lends to military servicemembers, defense personnel, veterans, and their families approved more than 75% of the White borrowers who applied for a new conventional home purchase mortgage in 2022, according to the most recent data available from the Consumer Financial Protection Bureau. But less than 50% of Black borrowers who applied for the same type of loan were approved.
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